MARQUETTE, MI-- Northern Initiatives says it has temporarily halted inquiries into a $2 million loan fund made available by the Michigan Economic Development Corporation.
The Marquette-based community development financial institution says the announcement of the fund resulted in more than 700 inquiries sent through the Northern Initiatives website. It continued at an average of 50 leads per hour through the night.
NI officials say they have suspended accepting any new loan leads until they get a chance to evaluate what they’ve already received. They anticipate it will take up to two months to process those leads.