How Huntington Bank is Helping Rebuild the Economy
Let's take a moment to celebrate Michigan's economic comeback, largely built by small businesses, which employ almost half of private-sector employees in the state:
- Michigan's economy grew at an annual rate of 3.5 percent in the third quarter of 2017, beating the national growth rate of 3.4 percent and the state's economic growth in the prior two years, according to the Small Business Administration. Michigan's economy grew 2.9 percent in 2015 and 2.2 percent in 2016.
- In the third quarter of 2017, Michigan grew at an annual rate of 3.5%, which was faster than the overall US growth rate of 3.4%. Michigan’s 2016 growth rate of 2.2% was down from the 2015 rate of 2.9%
- In June 2009, Michigan's unemployment rate was 14.4 percent. In July, it was 4.3 percent, according to the Bureau of Labor Statistics.
- Recent surveys of small business owners show historically high percentages of them are optimistic about the future of both the local and national economy.
We have worked diligently to fuel economic recovery through innovative business lending programs that earned Huntington the distinction of being the #1 SBA lender in the state. We're paving the way to a better, stronger future in the state by reaching out to lower income families and to the next generation of business owners.
For example, Huntington Bank offers a full suite of small business education tools, from how to develop a business plan to understanding business financial statements and banking basics. They have easy-to-understand articles and advice for existing small businesses.
Huntington Bank also has SBA specialists who can walk you through the whole process, whether you're acquiring or starting a business, upgrading equipment or enhancing cash flow. Click here to find a specialist in your area.