Michigan’s banks and credit unions led the country in providing government-backed small-business loans, according to new data from the U.S. Small Business Administration.
The Detroit Free Press reports that from October 2010 through September 2011, $689 million in small-business loans went to businesses in a variety of industries in Michigan. During that time frame, lenders made 2,063 of the most popular type of SBA loans, called 7(a) loans, up 47 percent from the 1,406 loans worth $386 million in fiscal 2010.
According to the article, “The increase is credited to a variety of factors, including greater awareness of the program, more banks that are offering these kinds of loans and stepped-up marketing from the SBA’s Michigan district office. Last fall, the SBA also waived fees for these loans.”
Meanwhile, Governor Rick Snyder just announced that Huntington Bank has made more than $800 million in loans to nearly 1,300 small and commercial Michigan businesses in the first seven months of a four-year program—almost two years ahead of schedule. The bank’s commitment is part of Pure Michigan Business Connect, a groundbreaking economic gardening partnership of the state of Michigan, the Michigan Economic Development Corporation and a broad range of businesses.