A bank headquartered in Ohio has announced a $5 billion, five-year lending, investment, and philanthropic commitment in an effort to improve financial opportunities for Michigan businesses, consumers, and communities.
Huntington Bancshares Inc., which has its east Michigan headquarters in Southfield, Wednesday announced the Michigan initiative as part of a $20 billion Community Plan, which was announced Tuesday. The Michigan plan was developed in cooperation with state leaders and community organizations, Huntington says, in an effort to ensure the bank’s commitment reflects the needs of all people and businesses throughout the state.
“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,” says Sandy Pierce, director of private banking, insurance agency, vehicle finance, and regional banking at Huntington. “We believe this commitment is a very meaningful investment in Michigan’s economic future.”
The bank will announce specific initiatives to support small businesses, consumers, and communities in the next several months. The plan will evolve as Huntington continues work with Michigan communities.
Huntington’s 2020 Community Plan reflects increased investments in:
- Access to capital – Huntington is investing in small businesses with an emphasis on those owned by minorities, women, and veterans. Its commitment to helping businesses will be strengthened by additional investments in business planning and educational programs to help bring business owners relief, recovery, and growth.
- Housing and home ownership – The bank 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 refinancing of existing homes to unlock the cash-flow needs of borrowers.
- Community lending and investment – Huntington is investing in Michigan’s community efforts related to affordable housing, food security, workforce development, and social equity. The bank recognizes the barriers to banking that exist for some people and businesses and believes helping with these areas will help people find basic economic security, prosper, and create additional opportunities.
“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 says. “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 has $118 billion of assets and a network of 839 full-services branches. It was founded in 1866 and serves seven states in the Midwest.