LANSING, Mich. – The state’s leadership announced a partnership to channel as much as $43 million of credit union loans to Michigan’s small businesses.
More than 30 credit unions will participate in the effort.
During her State of the State address, Michigan Gov. Jennifer Granholm announced the partnership between the Michigan CU League, Michigan Economic Development Corporation, and the Michigan Small Business and Technology Development Centers.
The league will help align applications for the loans.
"Credit unions have demonstrated their desire and capacity to lend during these difficult economic times," said David Adams, president of the Michigan league, which also created the Invest In America discount program for purchasing American-made cars. “We are fueling loan growth for the auto industry through our Invest in America program and now we see great opportunities to expand small business lending. It is what our state badly needs."
The program is expected to roll out in 90 days.
