Recently, Cinnaire joined the Michigan Certified Development Corporation (MCDC) to provide grant funding to support the Metro Community Development Fund (Metro). In partnership with the Michigan Economic Development Corporation (MEDC) and Huntington Bank, Metro has established a $2M loan fund to provide capital to micro and small businesses. The loans will be in the range of $5,000 – $250,000. Metro will focus on issuing loans in the Flint and Saginaw areas. Cinnaire provided a $50,000 grant, while MCDC provided a $40,000 grant.
“Cinnaire has invested in both the Flint and Saginaw communities for over 20 years,” said Mark McDaniel, Cinnaire President & CEO. “These grants will support our mission of spurring economic development and creating jobs. We value our partnerships with MCDC, MEDC, Metro and Huntington Bank and look forward to working together to promote small businesses throughout Flint and Saginaw.”
Mark Williams, President of MCDC added, “Michigan Certified Development Corporation has a long history of investing in the growth of small businesses in the Flint and Saginaw markets through the SBA 504 loan program. MCDC is excited to partner with Metro, Cinnaire and Huntington Bank as well as the MEDC to provide the requested funding. This microloan fund will enable even more small businesses to grow and add jobs; MCDC looks forward to being a part of the solution.”
“We appreciate the partnership and support from Cinnaire and MCDC and thank them for making it possible for Metro Community Development to create access to capital for small businesses in the Flint Metro Area,” said Ravi Yalamanchi, CEO of Metro Community Development. “These resources have provided us the opportunity to leverage $2 Million with Huntington Bank and $700,000 in guarantee and operational support from MEDC.”
“The growth of small businesses is vital for the overall health of the Michigan economy,” said Steve Arwood, Michigan Economic Development Corporation Chief Executive Officer. “Addressing the unique lending needs of small businesses requires collaboration, responsiveness and an understanding of the types of catalytic projects that foster economic development. We are confident that this funding in Flint and Saginaw will have a significant influence in cultivating a positive investment environment, and inspire dreams of small business owners throughout those communities.”