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Michigan Small Businesses Appear to Be On the Upswing
Published on Jul 11, 2011
Read 'Michigan Small Businesses Appear to Be On the Upswing' at 'Time to Start Up,' the small business blog by BizFilings.
Despite the economy’s rough nature, small business owners in Michigan are optimistic things will soon be moving in the right direction. Of the 600 business associates that were interviewed for this survey, over half believe the business outlook over the next six months is “good.”
The survey, conducted by Accident Fund Insurance Company of America, found that investments going into business grew 8 percent. Michigan business owners can finally breathe a sigh of relief after fighting through the difficult recession.
Hiring and layoff numbers are also expected to improve. Sixteen percent of business owners expect to hire new employees in the next 6 months, and 20 percent plan to increase wages.
More good news for Michigan small businesses owners is the new initiative by Representative Gary Peters to provide a Farmington Hills bank with over $11 million to lend to small businesses. The fund was created by the Small Business Jobs Act, in which Peters was a main influencer.
“This program will put our investment where it will create the most jobs: helping community banks make crucial loans to small businesses here in Michigan,” said Peters.
The bank receiving the funds will be Level One Bancorp, and the funds will lead to over $100 million in new small business lending in southeast Michigan.