Michigan Gov. Jennifer Granholm has unveiled a plan to partner with the Michigan Credit Union League to help small businesses. So far 30 credit unions have signed up to participate in the new partnership, called the Michigan Small Business Financing Alliance. They have committed to making $43 million in small-business loans as part of the initiative.
The state's Small Business and Technology Development Centers will coach the entrepreneurs, and state agencies will help in the loan-application process. Though the details of the plan are not expected to be finalized for about three months, Michigan officials noted that the loan funding would come from the credit unions, not the state. It was unclear why only credit unions had been included in the alliance.
From US Banker February, 2010
From US Banker February, 2010
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