Karen Bouffard
Detroit News
Democrat Virg Bernero says opening a state-operated bank is a key to restarting Michigan’s struggling economy and spurring job growth, but detractors are concerned it would be unfair competition for the private sector.
Bernero’s “Main Street Bank” would guarantee or provide loans to Michigan businesses that contend they’ve been cut off by traditional lending institutions despite good credit ratings and viable business plans. The Lansing mayor would model it after the only other bank run by a state: the Bank of North Dakota.
“Wall Street banks are not lending to Michigan’s small businesses, and reports show that is the number one problem blocking job creation here,” Bernero said. “If we invest in our small businesses rather than Wall Street banks, we can finally break the credit crunch logjam and unleash Michigan’s entrepreneurs to create hundreds of thousands of new jobs.”
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