Huntington announces $5 billion commitment to help boost Michigan's economic opportunity

Posted at 2:09 PM, Sep 02, 2020

(WXYZ) — Huntington announced a $5 billion commitment to improve financial opportunities for Michigan businesses, consumers and communities, the governor's office announced Wednesday.

The plan was developed in cooperation with Governor Gretchen Whitmer and Michigan community organizations.

“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,” said Sandy Pierce, Huntington’s director of Private Banking, Insurance Agency, Vehicle Finance and Regional Banking, in a press release. “We believe this commitment is a very meaningful investment in Michigan’s economic future.”

“This is great news for Michigan’s small-business owners who have faced unprecedented challenges as we have navigated the COVID-19 pandemic over the past six months,” Whitmer said in a press release. “These are Michiganders who have spent their lives building their businesses and who need our help now more than ever. I am proud to work with Huntington Bank as they continue to provide support to our small-business owners and build strong communities in our state, and I’m committed to continue working on behalf of small-business owners as we fight back against COVID-19.”

“Michigan’s rural small businesses and urban micro businesses 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 said. “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’s 2020 Community Plan reflects increased investments in the following areas:

  • Access to Capital: Huntington is investing in small businesses, with a special emphasis on those owned by minorities, women and veterans. The bank’s commitment to helping businesses will be bolstered by additional investments in business-planning and educational programs to help bring business owners the relief, recovery and growth they are seeking as the cornerstones of the American economy.
  • Affordable Housing and Home Ownership: Huntington is expanding lending programs and educational services to support increased home ownership by minority and low- to moderate-income borrowers throughout the Midwest. The bank’s commitment will enable greater opportunities for first-time home buyers, improve housing security for financially distressed consumers, and create generational wealth building through home ownership. It will also enable home rehabilitation and the refinancing of existing homes to unlock the cash-flow needs of borrowers.
  • Community Lending & Investment: Huntington recognizes the barriers to banking that exist for some people and businesses, and the bank is investing toward Michigan’s community efforts related to affordable housing, food security, workforce development and social equity. Huntington believes these areas are fundamental to helping people not only find basic economic security, but also prosper. Huntington also knows that by making communities stronger, it creates additional opportunities for those who live and work there.

“We’re honored to work with many outstanding partners who share our commitment to building stronger communities throughout Michigan,” Pierce said. “Together, we can inspire higher levels of community engagement and deliver new opportunities for all the people we serve.”

Additional Coronavirus information and resources:

Click here for a page with resources including a COVID-19 overview from the CDC, details on cases in Michigan, a timeline of Governor Gretchen Whitmer's orders since the outbreak, coronavirus' impact on Southeast Michigan, and links to more information from the Michigan Department of Health and Human Services, the CDC and the WHO.

View a global coronavirus tracker with data from Johns Hopkins University.

See complete coverage on our Coronavirus Continuing Coverage page.

Visit our The Rebound Detroit, a place where we are working to help people impacted financially from the coronavirus. We have all the information on everything available to help you through this crisis and how to access it.