Did a "Great Recession" investment in Michigan pay off?
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Patrick Center March 20, 2013 | WGVU
In 2010 Governor Rick Snyder made the big announcement from Mackinac Island that Huntington Bank would pony-up a couple billion dollars in small business loans to help the state climb out of the Great Recession. In all, Columbus, Ohio-based Huntington committed $4 billion dollars in small business loans across six Great Lakes states.
“We believed ahead of most people that the Midwest could lead the country out to the recession.”
That’s Huntington’s Regional President, John Irwin who says while other banks were retreating his team saw an opportunity in the strength of Michigan’s manufacturing base and small businesses.
“The small businesses create 66 percent of the new jobs. So, this is an important part of any community and in particular in Michigan.”
Has the cash injection worked? Irwin said that’s difficult to quantify.
“What we work very hard on is to use all of the programs whether it’s the SBA, whether it’s the Michigan Economic Development Corp.”
But this is a business strategy that’s done more than just help small business customers it’s also paid off as Huntington now leads the state of Michigan in SBA loans and making inroads expanding its customer base.
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