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Mich. CUs small biz financing alliance ready for biz
LANSING, Mich. (5/4/10)--Small businesses in Michigan now have a new resource to help them turn their ideas and dreams into reality, and create jobs in the state, said the Michigan Credit Union League. The Michigan Credit Union Small Business Financing Alliance (CUSBFA) is open for business with a new website, www.cusbfa.com, which will help connect entrepreneurs and small businesses with training and tools to apply for credit. As an online resource, the new website provides small businesses access to the CUSBFA counseling form, information on financing from participating credit unions, and additional state and federal programs that will assist entrepreneurs in moving their business forward. There are no loan limits for CUSBFA consideration, and each participating credit union will use its own underwriting standards and policies for loan consideration and approval. Start-up and small business owners can complete the form online, which will assist the league and the Michigan Small Business and Technology Development Centers (MI-SBTDC) in determining the next steps. In February Michigan Gov. Jennifer M. Granholm, in her State of the State Address, announced the partnership among the league, MI-SBTDC and the Michigan Economic Development Corp. to help initiate more loans to small businesses. More than 30 credit unions from the state committed an initial $43 million to benefit more than 2,000 new businesses. MCUL President/CEO David Adams observed that banks have been forced to preserve capital to survive the economic crisis, freezing credit at a critical time when it's needed most to revive Michigan's economy. "As banks have had to cut back on credit in this tough economic climate, credit unions in our state actually increased small business lending in 2009 by nearly 20%," Adams said.
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