Governor, bank announce $800M in business loans

WKAR Public Media

Published November 1, 2011 at 6:12 PM EDT

By AP

LANSING, MI –

Nearly 1,300 small businesses in Michigan have gotten loans from Huntington Bank in the first seven months of a four-year program to make loans more available to businesses wanting to modernize or expand.

Gov. Rick Snyder and Huntington's West Michigan President Jim Dunlap announced Tuesday that the businesses have received over $800 million in loans. The bank has pledged to loan up to $2 billion over four years.

The Michigan Economic Development Corp. works with businesses to hone their plans and apply for the loans.

Cherry Growers Inc. President Brian Mitchell says the Huntington loan will enable the cooperative based in Grand Traverse County to add 93 jobs over the next five years as it builds a manufacturing plant to create new agricultural products.

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