Northern Initiatives Press Release On Michigan Jobless Data & Funding Statement

Upper Peninsula, Michigan -The new jobless data came out this week for our 46 Michigan counties and it was mixed.  Michigan had a nice downward jump in its unemployment rate in November and generally what you can see in this data is continuing improvement occurring in the manufacturing oriented counties.  The tourism counties saw the end of their summer followed by fall color tourism and saw a move toward higher jobless numbers.  The winter tourism counties waited for snow and so the positive impacts of winter tourism had yet to come into play in most places.  Add it all up and you have a very mixed picture for rural Michigan.  Twenty three counties saw their jobless rate go down, twenty two went up and one stayed the same.
On the Northern Initiatives front it was a very good year.  We finished 2011 with a new all time highs in assets, net assets and were very near last year’s record number of loans made (with a remarkable range of $4,000-$1.2M) and we will exceed $6M in outstanding loans for the first time since the end of 2008.  We exceeded the self sufficiency target that the Board set for the year, and we received a the new grant award from the  Kellogg Foundation $1M that will be dispersed over three years.  That grant will be used to add lending staff to increase our loan making capacity and it will continue our evaluation work which includes work that is looking at entrepreneurship and families.
We had an exceptional year in terms of new loan fund capital, bringing in over $4M in new loan fund capital.  During the year we secured a new grant from the Federal Government’s Community Development Financial Institution’s Fund of $1.5M, and an $800,000 grant from the Office of Community Services.  We were the approved to be an SBA Community Advantage Lender using the 7A Program (we will closed two loans in 2011 and have four more that will close in the first quarter.  We should hit the threshold of delegated authority, 10 loans in the Spring of 2012) and we were the recipient of a long term low interest loan under the SBA Intermediary Lending Pilot Program (something Senator Levin worked to make possible over a six year journey through Congress).  We secured new funding relationships with Bank of America, Trinity Health Systems, Mercy Investments and the Basilian Fathers.  We were chosen to be part of the Goldman Sachs/Opportunity Finance Network, 10,000 Small Business Collaborative which has given us the ability to learn and share with twenty peers from around the Country.  We saw our Profit Mastery Training participant numbers climb to over 100, and we continued to improve our use of Northern Michigan University student’s and their many talents in support of our technical assistance and training of small businesses through our Business Advancement Center.
As we look ahead to 2012, we will adding three staff people, which will support loan volume and business coaching growth. Finally we are in the process of interviewing for a new Vice President of Lending and we should be ready to share an announcement about the results of our process in a couple of weeks.

 

 

MICHIGAN ▪ UPPER PENINSULA
County Name Pop.2010 US Census Median HH Income 2009 US Census % of State Median HHIncome 2009 US Census Un-employment Rate Nov, 2011US

8.6%

Poverty Rate2009US Census

14.3%

Children in Poverty 2005 US Census %Bachelors Degrees; Adults over 252005-09 Census

27.5%

Women OwnedFirms

2007

Census

28.8%

Michigan Total

9,883,640

Red= decline between 2000 and 2010

(.6%)

$45,254

RED=<80%

Blue =80 to 90%

Black = 90 to 100%

Green => 100%

Nov, 2011 9.8% MI-DLEG

Red= higher than the Mich.

Jobless Rate

16.1%

Red = higher than the Mich. Poverty Rate

18.3%

Red = higher than the Michigan Poverty Rate

24.5%

Red =<24.5%

30.4%

Red =<30.4%

_

Data suppressed or sample size too small

Alger 9,601 (-2.6)

$39,254

86.7%

11.6%

14.2%

18.5%

17.4%

Baraga 8,860 1.3%

$37,716

83.3%

16%

15.6%

18.9%

12%

Chippewa 38,520 (-.1)

$38,242

84.5%

9.5%

19%

20.6%

17.5%

23.2%

Delta 37,069 (-3.8)

$40,980

90.6%

8.2%

13.3%

16.7%

18.1%

Dickinson 26,168 (-4.7)

$41,587

91.9%

6.9%

11.9%

14.1%

17.1%

Gogebic 16,427 (-5.4)

$32,171

71.1%

9.5%

21.7%

23.3%

17.8%

29.6%

Houghton 36,628 1.7%

$33,589

74.2%

7.3%

20.9%

18.5%

24.1%

24.1%

Iron 11,817(10.1)

$33,650

74.4%

8.2%

16.9%

20.8%

14.2%

Keweenaw 2,156 (-6.3)

$35,686

78.9%

13.6%

13.8%

22.9%

19.7%

Luce 6,631 (-5.6)

$37,038

81.8%

10.3%

20.4%

25.4%

12.8%

11%

Mackinac 11,113 (-6.9)

$36,872

81.5%

12.7%

13.8%

18.1%

19.9%

21%

Marquette 67,077 3.8%

$41,576

91.9%

6.5%

14%

15%

28.6%

Menominee 24,029(-5.1)

$39,571

87.4%

6.1%

12.9%

17.9%

12.8%

Ontonagon 6,780(-13.3)

$32,263

71.3%

12.8%

13.5%

20.1%

14.2%

27.6%

Schoolcraft 8,485 (-4.7)

$36,590

80.9%

10.3%

16.3%

22.6%

11.5%

311,361

 

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