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Michigan Business Development Loan Program LaunchedCrain's Detroit Business reports that Charter One Michigan announced Thursday a $200 million low-interest loan program designed to create 2,000 new jobs in Michigan during the next five years. The bank is working with the Michigan Economic Development Corp. on the program, which offers loans at a fixed interest rate of 4.99 percent ó 2.51 points below the current prime of 7.5%. Loans will be made over a two-year period, with the minimum amount of $1 million and the maximum of $10 million. Recipients will have three years from the time the loan is granted to add one new job for each $40,000 of the loan amount.Read Charter One, MEDC to team up on $200M low-interest loan program from Crain's Detroit Business click to
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