Michigan CUSO Named SBA Community Lender of the Year
The SBA has named Michigan CUSO Commercial Alliance its Community Lender of the Year from the Michigan Certified Development Corp., one of the agency’s partners.
In 2011, Commercial Alliance said it submitted seven business loan projects to several credit unions throughout six Michigan counties, which totaled more than $6 million in capital. The funding helped to create or sustain 187 jobs statewide across a variety of businesses including restaurants, a custard franchise, a motorcycle dealer and a commercial greenhouse.
The Michigan CUSO said it is the first organization affiliated with credit unions to be awarded a partner of the year award by the MCDC.
Terrence McHugh, president/CEO of Commercial Alliance, said the recognition underscores the growing awareness of how credit unions can help small businesses.
The MCDC, which is a nonprofit corporation certified by the SBA to provide 504 loan financing and 7(a) loan packaging, bases the awards on the number and size of loans submitted within each year, according to the CUSO.
Commercial Alliance offered its first loan in 2005 and currently serves 21 credit unions.