- Posted November 02, 2011
- Tweet This | Share on Facebook
Michigan leads in type of government-backed loan
DETROIT (AP) -- Michigan banks and credit unions led the nation in providing a popular type of government-backed small-business loans in the most recent fiscal year.
The Detroit Free Press reports Tuesday that from October 2010 through September 2011 those lenders made 2,063 of one type of U.S. Small Business Administration-backed loans worth $689 million, up from 1,406 loans worth $386 million in fiscal 2010.
The 7(a) loans went to businesses in a variety of industries in most of Michigan's counties.
The increase is credited to a variety of factors, including greater awareness of the program, more banks that are offering these kinds of loans and stepped-up marketing from the SBA's Michigan district office. Last fall, the SBA also waived fees for the loans.
Published: Wed, Nov 2, 2011
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- Judge is accused of using racial slur, vulgar terms and ‘libtard’ label for employee offended by his comments
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Colorado Supreme Court considers whether habeas petition can free zoo elephants
- 4th Circuit upholds $1M sanction for law firm that tried to ‘sabotage’ federal court’s authority
- Don’t give money to law schools unless they teach originalism, conservative federal appeals judge says
- Average BigLaw partner compensation increased 26% in 2 years, reaching this high-water mark
