Fifth Third Bank has pledged to make $5 billion in loans available in Michigan in 2012.
That includes $2.5 billion for the Pure Michigan Business Connect (PMBC), a collaboration between state government and Michigan businesses that encourages cooperation in commerce and new approaches to trading goods and raising capital.
The new influx of capital, more than doubles the $3 billion already available through the PMBC, according to a press release from the State of Michigan.
"The recovery of Michigan is vital to our growth," said Fifth Third's Senior Vice President and Marketing Director Jack Riley in Crain's Detroit Business.
David Girodat is the president and CEO of Fifth Third Bank of Eastern Michigan, headquartered in Southfield. He said the bank will be looking "across the board" in terms of size and type of businesses receiving loans, according to Crain's.
The rest of money will go toward consumer loans. Girodat told Crain's report that 60 percent of those loans will be mortgages, including new home purchases and refinancing, and 40 percent will be auto, credit card and home equity lending.
"Fifth Third's participation in Pure Michigan Business Connect represents a huge commitment to Michigan's businesses," Gov. Rick Snyder said in a release. "It significantly adds to the economic gardening toolkit we are developing to grow our state's economy."
At a Friday conference in Novi, Snyder used news of the bank's commitment as opportunity to repeat his view that government should create an environment friendly to businesses and then stay out of their way, Crain's reports.
“Our role is not to create jobs, nor is it to pick winners and losers," Snyder said. "It’s about Michigan’s comeback. The solution is right here with Michiganders themselves.”
The PMBC has had nearly 700 businesses sign onto its services since the program began in June.
Huntington Bank pledged $2 billion to the program earlier this year.