MI Credit Union Business Loans Trump National Averages
Lansing, MI (July 7, 2015) – First quarter 2015 data shows during the economic downturn and beyond, Michigan credit unions beat the national average when it comes to business lending.
National Credit Union Administration (NCUA) data analyzed by the Credit Union National Association (CUNA) shows that during the 12-month period, ending in March of 2015, the Michigan credit union industry 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 wide percentages, CUNA said.
“Michigan credit unions understand the importance of lending to small businesses as a way to stimulate the economy and spur business growth,” MCUL President/CEO David Adams said. “The industry stepped up to fill a need during the recession in the same way it shows its steadfast support for its 4.79 million credit union members.”
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. In addition, the 11.5 percent increase of total outstanding loan balances during the 12 month period is the fastest annual increase since 1993, said CUNA.
Here’s a look at key loan growth metrics –
- Total loans: 11.5 percent
- Used automobile: 15.6 percent
- New automobile: 16.5 percent
- Member business loans: 16.3 percent
- Other unsecured loans: 11.6 percent
- First mortgage: 8.8 percent
- Credit cards: 5.7 percent
“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.”
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.Go to main navigation