Proposed bank will focus on assisting more minorities
Seeking to bridge the financial divide between minority-owned companies and mainstream financial institutions, an investment group has applied to form a state-chartered bank in southwest Detroit targeted toward Latino, African-American and Arab-American businesses and consumers. The new institution, to be named First Spirit Bank, is seeking to raise $10 million to underwrite a number of commercial and individual loans, said Donald Snider, founder and chairman of First Spirit Bank and CEO of Paper Plas Inc., a Detroit-based supplier of paper used in manufacturing operations. About $3 million already has been committed to the bank startup, Snider said. He is joined by Lizabeth Ardisana, CEO of ASG Renaissance, an engineering services firm in Southfield. Ardisana will serve as vice chairwoman of First Spirit Bank. A recent Milken Institute study shows that minority-owned companies face greater challenges to accessing capital than mainstream businesses. Reasons include language and cultural barriers, demand for smaller-sized loans that can be more expensive for lenders to service and limited collateral. [more 
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