access to capital
The Upper Peninsula provides businesses with a variety of financing options from both local and regional banks with strong lending power and the luxury of being able to make decisions locally.
where thriving is backed
There are 23 banking brands in the Upper Peninsula — seven national or regional and 16 with headquarters in the U.P. — with deposits that exceed $4.7 billion. The region’s largest community bank by asset size ($1.3 billion) is mBank, located in Manistique. Like the region’s other banks, they offer extensive knowledge of the U.P.’s communities and personalized service.
In addition to traditional lending, start-ups and small businesses have access to non-profit lending options through local revolving loan funds, business incubators, and Northern Initiatives, a Community Development Financial Institution. The loans and business services they offer help small business owners and entrepreneurs create jobs that in turn help the communities of Michigan and neighboring Wisconsin to thrive.