Over the past couple of weeks, bits and pieces have leaked out about a new commercial loan pilot program from Amazon Inc. and how the online retail behemoth’s entry into the small business lending could put credit unions, banks and other lenders on high alert.
The business lending CUSO Michigan Business Connection said it recently reached $250 million in its servicing portfolio.
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.
CUCorp and Michigan Business Connections to work together to push member business lending at state's credit unions.
Coming from the banking industry with nearly 30 years of experience, Terry McHugh said it never ceases to amaze him on just how different credit unions are.
The Regional CUSO Alliance said it came together May 1-2 in Ann Arbor, Mich., to promote a business lending model that emphasizes local loan originations.
Nearly a year after Michigan CU Capital launched a statewide lending brand that would connect small businesses to credit unions, the effort has added another level to increase its exposure.
Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.
The 500-member Regional CUSO Alliance will meet in May to exchange best practices and address industry challenges and opportunities.
At a time when credit unions were treading lightly, Telesis Community Credit Union was considered by some to be an early leader in the commercial lending space.