Huntington bank and Gov. Whitmer announce $5B commitment to 'boost economic opportunity'

Posted at 2:32 PM, Sep 02, 2020
and last updated 2020-09-02 14:32:43-04

SOUTHFIELD, Mich. — Michigan Gov. Gretchen Whitmer and Huntington Bancshares announced today a $5-billion, five-year commitment to improve financial opportunities for Michigan businesses and communities through lending, investment and philanthropy.

The plan was developed in cooperation with Whitmer and Michigan community organizations to ensure the Huntington's commitment "reflects the needs of all people and businesses throughout the state."

The $5-billion commitment is part of the $20-billion Community Plan announced by Southfield-based Huntington on Sept. 1.

“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.

“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.”

Huntington will announce specific initiatives to support small businesses, consumers and communities in the next several months.

The plan will "evolve" as Huntington continues to "listen and take action to meet the changing needs of Michigan’s communities."

“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. “We believe this commitment is a very meaningful investment in Michigan’s economic future.

“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. 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 includes increased investment in several areas: access to capital; affordable housing and home ownership; and community lending and investment.