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It’s no secret that Michigan has endured a struggling economy these past few years. Pressures first caused by the dot-com bust, followed by 9/11 and then the automotive industry challenges have taken their toll on Michigan businesses and their employees. And, most recently, we’ve borne the cost of rising energy prices and interest rates; the former primarily caused by growing global demand and the latter caused by a booming national economy. The whole world is partying and we’re not invited.

So why did three new commercial CUSOs form and many credit unions launch new or expanded commercial lending efforts in the midst of this uncertainty? Because tough times often create opportunity. And because mission compels credit unions to serve the needs of their members and communities while the rest of the finance community slaves to their wealth creation mandates and redeploys capital to growth markets.

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