Michigan Gov. Jennifer Granholm unveiled an economic stimulus package Thursday that includes making $150 million available to credit unions and banks to support lending to the state's small businesses.
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Under the plan, the state will buy certificates of deposit at participating banks and credit unions that promise to lend at least 80% of the money to Michigan businesses. The plan is similar to an Illinois initiative in which up to $100 million of state funds are being deposited in banks and credit unions.
Gov. Granholm, a Democrat, also proposed major budget cuts, as well as plans to freeze foreclosures for up to 90 days so that homeowners facing foreclosure can stay in their homes while working out payments plan with their lenders.
