MEDC and MBA team up
to certify banks for
MEDC Loans
mBank offers lending success story
Michigan banks now have access to a $79.1 million revolving fund of easy government loan supports.
Access to capital funding is available through new opportunities
for small businesses in Michigan so they can grow and diversify.
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nation to win approval of approximately $79.1 million in federal
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Michigan Collateral Support and Michigan Loan Participation
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efforts.
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developing and encouraging programs to assist and stimulate
private lending markets. While the initial programs funded only
auto-related businesses, bankers represented the MBA at meetings
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collateral lending programs and open them to all eligible businesses.
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state banking associations across the country.
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program which will allocate $1.5 billion across all 50 states to
support small business funding.
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played an instrumental and lead role in staving off the permanent
closure of Manistique Papers, Inc., a 90-year old paper mill
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second largest private employer. A closure would have devastated
the local economy and hundreds of direct manufacturing and
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www.mibankers.com
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non-local bank to purchase the senior secured debt at a discount
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in its current Chapter 11 process they also provided additional
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arrangement.
With mBank as the lead, the bank was supported in these
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mill reopened less than six weeks after its closure in mid-August
and days away from a complete liquidation in bankruptcy. mBank
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SURYLGHWKHÀQDQFLDOVXSSRUWDQGH[SHUWLVHWRDYLWDOPHPEHURI our local community to save hundreds of jobs and to help
rehabilitate the paper mill, a long standing member of our
business community. I believe that this is the essence of real
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expertise to foster economic development in order to preserve
and create employment opportunities, keeping our communities
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review and approval process since requests submitted by
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with the programs and ready to access this funding. Banker
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is expected to be scheduled for 2012.
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