More than 30 Michigan credit unions have already pledged $43 million for small business loans through a new alliance between Gov. Jennifer Granholm and the Michigan Credit Union League.
Announced Feb. 3 during Granholm's state of the state address, the Michigan Small Business Financing Alliance aims to provide investment capital to entrepreneurs. The Michigan league and its subsidiary CUcorp are coordinating the alignment of Michigan's 335 credit unions with the state's 12 small business and technology and development centers to provide access to small business capital, Granholm said.
By pairing credit union capital with small businesses that have received the training and development support from the Michigan Economic Development Corporation and the centers, as many as 2,150 startup businesses in Michigan will receive capital needed to ensure their growth and success, according to Granholm's office.
The partnership between the league and Granholm's administration is just one of several initiatives the governor announced yesterday to help bolster small businesses in Michigan.