Huntington Bank expands microlending program

LANSING (AP) — Huntington Bank says it’s expanding its microlending collaboration with the Michigan Economic Development Corporation to provide $5 million in loans to small businesses in 17 counties.

The Columbus, Ohio-based bank said in a news release Tuesday that the expansion is within a $25 million microlending program that it announced in 2013 in Michigan. Eligible communities for the loans include those in the Grand Rapids, Kalamazoo, Muskegon, Detroit and Lansing areas.

The bank says the loans are typically between $1,000 and $100,000. According to the bank, it allocates funds through nonprofit community lenders, who then make microloans to small business owners who can’t access traditional financing.