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Mich. gov. announces CUs efforts in business lending
LANSING, Mich. (2/5/10)--Michigan Gov. Jennifer M. Granholm Thursday announced a partnership to connect small businesses and entrepreneurs to financing from Michigan credit unions, said the Michigan Credit Union League. In cooperation with the Michigan Economic Development Corporation (MEDC) and the Michigan Small Business and Technology Development Centers, more than 30 Michigan credit unions have committed an initial $43 million for small business loans. “In this time when small businesses are struggling to get access to capital, Michigan's local credit unions have stepped forward to make over $40 million available to these startups in a joint effort with our MEDC,” Granholm said. “Some 2,100 new businesses are expected to benefit from these credit union loans.” She announced the program during her State of the State address. The program is still being developed with an anticipated rollout in 90 days, the league said. “Credit unions, as not-for-profit cooperatives, have demonstrated their desire and capacity to lend during these difficult economic times,” said MCUL President/CEO David Adams. “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 announcement continues Michigan credit unions’ streak of widespread, positive media coverage, the league said. The partnership was mentioned in most State of the State recaps, including the Detroit News, Detroit Free Press, Crains Detroit Business, the Holland Sentinel, MLive, and an Associated Press story that was picked up by many outlets nationwide.
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