Huntington National Bank is committing $2 billion to help jumpstart Michigan's sputtering economy.
The Columbus, Ohio, bank said Thursday that it would promise to make $1 billion in commercial loans in Michigan over the next four years and another $280 million in small-business loans, on top of the $720 million it committed last year. The $2 billion commitment is part of a $3 billion public-private initiative unveiled Thursday by Gov. Rick Snyder that is aimed at generating jobs in a state where the unemployment rate is above 10%.
The $53 billion-asset Huntington is so far the only bank participating in the initiative, which includes a tax breaks, loan guarantees and other incentives. In a news release, Huntington Chairman, President and Chief Executive Officer Steve Steinour said that the bank is bullish on Michigan because Gov. Snyder and other state officials are "making the state more business friendly.
"We are working with them to help restore the state to the economic powerhouse it once was," Steinour said in a news release.
