FARMINGTON HILLS, Mich. - Michigan National Bank and the Detroit Alliance for Fair Banking said they had made final a new $785 million three-year community development action plan.
The plan details specific lending goals for small business, residential mortgage, and consumer and commercial real estate in Detroit. It also includes programs to identify and solicit local minority-owned businesses and use nontraditional credit sources for applicants with no credit history to provide home improvement loans.
The plan will also expand an existing commitment to increase the use of minority-owned companies in the bank's procurement activities. Michigan National said it had set a goal of $15 million to be directed to minority and women-owned firms over the next three years and expects to direct at least 25% of its purchasing and construction activities toward these firms by 1998.