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News Now

CU System
Mich. CUs at governors small-business roundtable
LANSING, Mich. (3/3/10)--Michigan credit unions were part of a roundtable discussion held Feb. 24 in Grand Rapids by Gov. Jennifer Granholm to highlight examples of entrepreneurs who started their businesses with local sources of capital. The event was part of a push by Granholm to explain the state’s focus on linking budding businesses with loans and resources they need, including credit union business loans. Glenn Ray, director of public affairs for the Michigan Credit Union League, was part of the roundtable (Michigan Monitor March 1). An initial $43 million put forth by Michigan credit unions for loans to small businesses was mentioned during the discussion. “When other banks cut back on lending last year, Michigan credit unions increased business loans by 17%,” Ray told Mlive.com. Granholm emphasized the need for Michigan to move from a “20th century economy” comprised mostly of big industry toward an economy built on entrepreneurs and small businesses.
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