Governor Rick Snyder of Michigan
Want to see a great Pure Michigan story? Take a look at E & S Apparel in Detroit, a uniform company started by Erin and Sinom Page.
The Pages launched their business back in 2010 from their home and quickly found success. After expanding, they needed a new location but they couldn’t secure a traditional loan because they were such a new company. Thanks to a micro loan, they were able to relocate to their new location in September, where they continue to grow.
Recently, Governor Rick Snyder announced the Pure Michigan Micro Lending Initiative to help entrepreneurs like the Pages get the financing they need to kick start their businesses and create more and better jobs. Under that initiative and in partnership with the Michigan Economic Development Corporation, Huntington Bank has made a $5 million commitment for a pilot program in Detroit. Upon successful completion of the pilot program, Huntington will commit an additional $20 million to distribute through lines of credit to participating community micro lenders.
“This is the kind of innovative effort and collaboration that will help build a stronger Michigan and generate job growth by supporting small businesses and our state’s budding entrepreneurs,” Governor Snyder said. “I am confident that early success in Detroit will quickly generate momentum in this initiative that activates further community partnerships and economic activity around the state.”
Sinom Page credits the micro loans with helping his business move to the next level, saying that they “are the step ladder that allowed my family to get to the next step in realizing our dream of becoming business owners.”
Erin Page, too, lauded the merits of the program and what it means for Detroit.
“Detroit is on a comeback. The economy is starting to rebuild itself. It’s important to find a business that is a necessity. For us, because so many people in Detroit wear uniforms, it provided a great opportunity for us.”
Now, more Michigan small business owners will have access to that ladder of opportunity -- and that means an even brighter future for Michiganders.