Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
This week, the U.S. Small Business Administration (SBA) Michigan District Office honored leading lending institutions in Michigan, highlighting their contributions to small business growth. The annual Lender Awards Ceremony recognized 14 top Michigan Small Business Lenders for their work in Fiscal Year 2024, including six institutions that are members of the Detroit Regional Chamber.
Huntington National Bank received dual recognition as Lender of the Year and a Top 10 Lender, demonstrating its wide-reaching impact on small business lending in the state.
Lake Michigan Credit Union was distinguished as the Credit Union Lender of the Year, marking its commitment to fulfilling the distinct needs of small businesses through the credit union model.
Other Chamber members recognized in the Top 10 Lenders category included Chase Bank, Comerica, Fifth Third Bank, and PNC Bank, all of which have made significant contributions to the allocation of SBA-backed loans to support Michigan's small business community.
In Fiscal Year 2024, these leading lenders processed 2,921 loans, amounting to $1.3 billion for Michigan's small business entrepreneurs. This capital facilitates everything from business launches to job creation and exploration of new markets, fostering a stronger regional economy in the process.
The Detroit Regional Chamber expressed pride in the achievements of its member companies, aligning with its commitment to fostering the development and prosperity of small businesses in the Detroit area.
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