Two more credit unions have signed on with business lending CUSO Michigan Business Connection.
The $145 million LOC Federal Credit Union in Farmington, Mich., and the $152 million Bay Winds Federal Credit Union headquartered in Charlevoix, Mich., are the latest cooperatives to partner with MBC.
The Ann Arbor, Mich.-based CUSO said it serves more than two dozen credit unions throughout the state and manages more than $250 million in loan assets.
Formed in 2004, the CUSO provides underwriting and originating commercial loans for financial institutions statewide to assist small and medium-sized businesses.
MBC said it also helps Michigan credit unions share the costs and risks of commercial loan program management. Its staff provides traditional credit risk assessment and management services and customizable front-end business development and loan origination support engagements.
