Robert Sneed is using the loan to repair and renovate a 17-unit apartment building in Detroit, according to $475 million Michigan First.
"It was great to be able to go to my credit union," Sneed said. "Their loan saved us money which will help us improve the housing for our residents."
Michigan First launched its full-line of business services earlier in 2007, and has attracted more than 400 business accounts.
"As a cost effective alternative in the marketplace for business checking, savings and loans, we are positioned to serve the business owners in the communities we serve across metropolitan Detroit," said Michael Poulos, president/CEO, Michigan First.
Bill Beardsley, president/chief lending officer at Michigan Business Connection, LC, the CUSO serving Michigan First, said the partnership with the credit union "will help make a difference" in the community.