Governor Gretchen Whitmer announced a private lending investment program on Wednesday. While the whole state anxiously awaited a ruling on the expected opening of gyms, movie theaters, and other facilities that have been shuttered since March, Whitmer laid out an investment plan from Huntington Bank.
The plan is a $5 billion five-year lending, investment, and philanthropic venture to create financial opportunities for Michigan businesses, consumers, and communities, according to a press release from Whitmer’s office.
The announcement isn’t exactly what owners of bowling alleys and ice rinks were waiting for, but the initiative is intended to provide borrowing opportunities for hard-hit businesses.
Whitmer said, “This is great news for Michigan’s small-business owners who have faced unprecedented challenges as we have navigated the COVID-19 pandemic over the past six months. These are Michiganders who have spent their lives building their businesses and who need our help now more than ever.”
Reporting for WGRT – Jennie McClelland