Forty-six percent of Michigan’s 309 credit unions now offer business loans.
According to Michigan Credit Union League & Affiliates’ data released Wednesday, the number of Michigan credit unions offering business loans was up 6.8% in the second quarter, with nine new credit unions now offering this service.
Member business loans in Michigan increased 4.2% in the second quarter, compared to 1.7% nationally, the league said. Over the past 12 months, MBLs increased 13.6% compared to 8.2% nationally.
“Michigan credit unions have been and will continue to be well ahead of the curve when it comes to supporting their communities and the small businesses that play such a large role in them,” said David Adams, CEO of the Michigan Credit Union League & Affiliates.
The state’s credit unions continue to find new ways to support small businesses, Adams said.
After nearly a year of advocacy efforts from the league, the Michigan Commissioner of Financial and Insurance Regulation signed an order in August authorizing CUSOs to provide small business equity investments to Michigan credit unions and their members.