Snyder, Huntington announce halfway mark in $2 billion loan commitment to state businesses

Gov. Snyder and Huntington Bank today announced that the bank has made more than $800 million in loans to nearly 1,300 small and commercial businesses in the first seven months of a four-year program—almost two years ahead of schedule. 

Huntington’s West Michigan President Jim Dunlap joined Snyder in the announcement. The bank’s commitment is part of a groundbreaking economic gardening partnership of the state of Michigan, Michigan Economic Development Corp. and a broad range of businesses known as Pure Michigan Business Connect.

“Huntington has been an active participant in this innovative program,” said Snyder. “We are delighted with the initial results and the job creation they are showing across Michigan. These public-private partnerships will help Michigan businesses to grow here, attract more companies to our state and add to our employment rolls.”

“Huntington is bullish on Michigan,” said Dunlap, who also heads the company’s commercial business in all of its markets. “Gov. Snyder is creating a business friendly state. We want to be part of his vision for growth. We have assembled a team of bankers who have the expertise, knowledge and background to guide companies through the lending process so that they are able to obtain the capital they need to support Michigan’s continued economic recovery.”

“We are working with businesses across the state,” said Huntington’s East Michigan President Mike Fezzey. “We have customers in urban and rural areas.”

Two business owners who have obtained loans were also at the governor’s office for the press conference. 

• Jim Burg of James Burg Trucking Company and Affiliates, a freight trucking company located in Macomb County, said that with the Huntington loan and support from MEDC, he has been able to retain 80 jobs He obtained the loan to among other things expand his fleet. He also indicated he will create another 15 jobs in six months and an additional 45 jobs in five years. 

• Brian Mitchell, president and general manager of Cherry Growers Inc. in Grawn, MI, indicated that with the Huntington loan and help from the MEDC, he will be able to expand his company and create an additional 93 jobs over the next five years. Cherry Growers is an agricultural cooperative located in Grand Traverse County. The co-op is organized to process and market fruit for its grower patrons, all of whom are located in Michigan.  The main fruits are cherries, apples, and plums.  The co-op normally maintains around 65 grower members.

Visit www.MichiganAdvantage.org/business-connect for more information on accessing lending through the Pure Michigan Business Connect Program.