The initiative is based on a similar program that began in Detroit two years ago.
Huntington Bank is supplying the loans, and they’re being backed by the Michigan Economic Development Corporation. It’s part of a larger 25-million dollar commitment from Huntington Bank to support small business loans, mortgage relief, and youth education in Flint.
Chris Cook is with the MEDC. He says the hope is to help Flint businesses get a leg up.
“We were always looking at the Flint market as one we wanted to cover. Certainly with the situation with water in Flint that prompted us looking at this NOW.”
Cook says the MEDC eventually wants to expand the initiative statewide.