Michigan League Affiliate Buys MBL CUSO Stake
In a new attempt to pump up member business lending, the Michigan Credit Union League disclosed last week that one of its processing affiliates has purchased a 10% interest in Michigan Business Connections, an Ann Arbor-based CUSO.
The league said CUCorp and Michigan Business 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 as improve MBL education and training.
Michigan Business is majority owned by three credit unions, the $1.8 billion Lake Trust, Lansing; the $261 million Christian Financial, Rosedale, and the $1.1 Michigan Schools and Government, Clinton Township.
MBC CEO Bill Beardsley said CUCorp’s interest in his CUSO will increase business lending collaboration among credit unions throughout the state, noting that that Michigan already has a formidable 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 among all business-lending stakeholders.”