Peggy Cummins and Jeff Schuman join Grow Michigan and its mission to bridge the economic gap for all with capital and advice for companies in Michigan.

Grow Michigan, LLC, an organization founded in 2012 and dedicated to providing subordinate funding to small and middle market businesses with a commitment to Michigan, today announced that Peggy Cummins has joined the team as Chief Credit Officer and Jeff Schuman has joined as Director of Business Development.

Peggy Cummins has over 39 years of experience in commercial banking, with emphasis in Asset Based Lending and Workout. She began her career in 1982 at Comerica Bank in Detroit where she served for over 23 years in a range of lending, credit and market management positions in asset based and middle market lending. In 2005, she moved to Citizens Republic Bank (now Huntington Bank) as a senior vice president, including managing a team of commercial workout bankers to assist the Bank in exiting over $1 billion of distressed commercial credits. In July 2015, Peggy joined WNB Specialty Finance, a division of Woodforest National Bank as Senior Managing Director/Senior Credit Officer, and, in 2019, formed Four C’s Advisors, LLC to provide financial advisory services to banks and distressed companies.

Jeff Schuman’s affiliation with Grow Michigan follows a 40-year career in capital markets. As a lifelong resident of Michigan, his experience is principally comprised of 14 years of commercial middle market lending and 24 years of commercial real estate lending at Bank of America, Comerica and Huntington Bank and their respective predecessor Michigan based banks (Michigan National, LaSalle and First Merit Bank Bank), Throughout his career, responsibilities have included new business development, credit underwriting, loan documentation, construction and non-construction loan portfolio administration, problem loan workouts and cross selling non-credit bank services. Jeff is also a licensed real estate broker with additional experience in residential mortgage banking and trust investment management.

“The breadth and depth of industry experience Peggy and Jeff bring to our fund is exceptional,” said Pat O’Keefe, CEO of Grow Michigan. “As we continue our important work across the state, their relationships and acumen will greatly augment all that we bring to the table for business sustainability.”

Grow Michigan was organized with the mission to grow Michigan businesses and jobs by providing growth capital to Michigan business owners who do not have the required capital to grow their business. Grow Michigan supplies capital to small to lower middle-market businesses that have outstripped their ability to borrow from traditional senior lenders. Grow Michigan Fund I was launched in 2012 and created over 3,200 Michigan jobs. Since inception its capital has leveraged senior debt at 5.5:1 and served as a means to obtain CRA credits while providing a mezzanine solution to lower middle-market companies that is virtually unavailable elsewhere.

Grow Michigan Fund II is the successor to Grow Michigan Fund I. Grow Michigan II seeks to continue the Grow Michigan mission with an increased emphasis on support for minority owned businesses. Grow Michigan II provides the engine to achieve meaningful action in inclusive wealth building through business ownership and formation.