Michigan CUs Support Small Business Saturday All Year
Lansing, MI (Nov. 25, 2015) Small business owners are anticipating an influx of holiday shoppers looking for unique, locally made gifts in an effort to support Small Business Saturday.
The Michigan credit union industry is proud to have played a role in the creation or expansion of some of those businesses. During the first two quarters of 2015, Michigan credit unions increased their business lending portfolios by 16.3% (Q1) and 19.3% (Q2), fueling growth at credit unions and creating jobs and opportunities at businesses throughout the state.
This support of small businesses is ingrained in the credit union philosophy.
In some areas, credit union business lending surpassed the statewide lending increases.
Credit unions headquartered in Flint boasted 31.8 percent and 33.6 percent increases during the first and second quarters of 2015, respectively.
In Grand Rapids, credit unions headquartered there saw 50.1 percent and 65.3 percent increases in the first and second quarters of 2015, respectively.
Detroit credit unions with headquarters in the city reported 62.5 percent and 63 percent increases in the first and second quarters of 2015, respectively.
Small Business Saturday was started by American Express in 2010 in an effort to encourage shoppers nationwide to support locally owned businesses, according to American Express.
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About the Michigan Credit Union League & Affiliates
Organized in 1934, the Michigan Credit Union League is a trade association representing Michigan’s Credit Unions. Based in Lansing, the MCUL works to build awareness of these locally owned, cooperative institutions and their mission to support members, communities and local businesses. For more information, visit www.mcul.org, follow us on Facebook at www.facebook.com/MICreditUnions and connect with us on Twitter at www.twitter.com/MICreditUnions.
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