Waterford Today

Ohio-based bank Huntington Bancshares Inc. recently announced that it will commit $5 billion in loans, investments and philanthropic efforts to boost Michigan businesses and provide economic opportunities for consumers and communities, according to dbusiness, Detroit's premier business journal.

“In this critical time when businesses are confronting the extreme challenge of a public-health crisis, recession and issues related to social equity, Huntington’s purpose of looking out for people calls us to do more for Michigan’s small businesses, consumers and communities,” says Sandy Pierce, director of private banking, insurance agency, vehicle finance, and regional banking at Huntington, according to dbusiness. “We believe this commitment is a very meaningful investment in Michigan’s economic future.”

The bank announced the $5 billion Michigan initiative will be part of a $20 billion Community Plan that will have several directives including: increasing access to capital with an emphasis on investing in minority-, women- and veteran-owned businesses; expanding loan programs and educational services to improve access to housing and home ownership by minority and low- to moderate-income borrowers; and investing in the community to support efforts related to affordable housing, food security, workforce development and social equity. 

“Michigan’s rural small businesses and urban microbusinesses have been especially hard hit as a result of the COVID-19 pandemic and its effect on Michigan’s economy, and minority- and women-owned businesses throughout the state are seeking opportunities to stabilize and thrive,” Pierce told dbusiness. “Our commitment to Michigan’s small businesses reflects the role they play in driving the state’s economy and the foundation they provide for our economic health.”

Huntington Bancshares developed the Michigan Community plan in collaboration with state and and community leaders to ensure that the bank’s efforts will address the needs of all people and businesses throughout the state. The plan will evolve as the bank continues to work with communities across Michigan.

Huntington Bancshares Inc., which has its east Michigan headquarters in Southfield, was founded in 1866 and serves seven states in the Midwest. It currently has $118 billion of assets and a network of 839 full-services branches.