Saying “Yes” When Others Say “No”
From the new business startup on Main Street, to the “SOLD” sign in the subdivision and the new car in your neighbor’s driveway, credit unions are there. Credit unions have always been, and remain, consumer lenders.
They issue loans to support the community — even when banks do not. We continue to see increases in the number of loans issued by Michigan credit unions and the positive effects that they have on Michigan’s economy.
When Small Businesses Thrive, Michigan Thrives
Small businesses are the backbone of our economy. They are the focus of economic growth and job creation on both state and national levels.
A lack of available credit can impede a business’ ability to hire and expand. In response to this need, credit unions continue to make business lending a priority.
Access Is Everything
While banks are setting new records for commercial lending, many small business owners are finding it difficult to access capital. According to Ernst & Young’s Global Commercial Banking Survey, “nearly one in five companies report [sic] having changed its primary bank in the past year.”
The survey cites access to capital, or lack thereof, as a significant catalyst for change. Credit unions welcome this opportunity and proudly partner with local businesses to help build Michigan’s communities
- Michigan credit unions surpassed national business lending by offering more than $2.1 billion in member business loans
- Through Q3 of 2015, year-over-year Michigan credit union business loans grew by 15.8%
- This directly correlates with a 1.4% decrease in Michigan’s unemployment rate*
*Source: U.S. Bureau of Labor Statistics, U.S. Department of Labor