The Michigan Credit Union League said one of its CUSO processing affiliates has purchased a 10% interest in Michigan Business Connections, an Ann Arbor CUSO, to help grow member business lending.
The league said its CUcorp operation and Michigan Business Connections would be “developing a marketing agreement where MBC will utilize CUcorp sales representatives to augment MBC sales and customer support functions.”
The goal is to increase the number of Michigan credit unions involved in business lending as well improve MBL education and training, the league said.
Michigan Business is majority owned by three credit unions, the $1.8 billion Lake Trust of Lansing, the $261 million Christian Financial in Rosedale and the $1.1 Michigan Schools and Government in Clinton Township,
MBC CEO Bill Beardsley said CUcorp’s interest in his CUSO will increase business lending collaboration among credit unions throughout the state. He noted that Michigan already has a track record in business lending with a $1 billion portfolio.
“We look forward to leveraging the credit union relationships that CUcorp has with Michigan credit unions to enhance our interactions with both current and new credit union subscribers.” Beardsley said.
“Collaboration has always been a significant priority for MBC, and I am hopeful that this alignment will also ensure continued dialogue amongst all business-lending stakeholders,” he said.
David Adams, president/CEO of the league, said, “While we look forward to this new partnership, MCUL & Affiliates remains committed to ongoing dialogue and collaboration with other Michigan-based business-lending CUSOs such as CenCorp and Commercial Alliance.”