Michigan CUs' Business Lending Widely Outpaces National Average Since Recession

New research from CUNA shows that during the economic downturn and beyond, Michigan credit unions trumped the national average in small business lending.

Data shows that during the 12-month period, ending in March of 2015, Michigan credit unions increased the total dollar amount of outstanding business loans by 16.3 percent, surpassing the national average of 11.5 percent. In fact, every year since the economic downturn in 2007, the Michigan credit union industry has surpassed national business lending growth by a wide percentage, CUNA said.

“Michigan credit unions continuously demonstrate the vital role they play in the lives of the people they serve,” MCUL President/CEO David Adams said. “Credit unions put the needs of their member-owners before all else through lower rates and fees, financial education and investing in Michigan communities."

What’s more, Michigan credit unions granted $3.5 billion in loans during the first quarter of 2015 – the highest first quarter loan total on record. This is a 27.6 percent jump in loans granted as compared to the same time last year.

In addition, the 11.5 percent increase of total outstanding loan balances is the fastest annual increase since 1993, according to CUNA. 

First quarter membership rolls increased 1.8 percent, (7.2 percent annualized) bringing the total number of Michigan credit union members to 4.79 million – an increase of more than 350,000 members since March of 2010.

Several Michigan cities from Detroit to Traverse City saw huge increases in credit union business lending over the previous 12 months.