In Partnership with Credit Union National Association
Go to main content
SOC - FacebookSOC - TwitterSOC - LinkedINSOC - YouTube
Michigan Credit Union League

Business Thriving After Receiving Credit Union Loan

Chesaning, MI (June 14, 2016) Jonathan Leonard knew it was a long shot. The year was 2006. The economy was struggling, and Leonard was only 22 years old.

“I did have a lot of people that doubted me. ‘You’re young. Basically you don’t know what you’re doing,”’ Leonard said in a video honoring ELGA Credit Union.

But Leonard did know what he was doing. He just needed a loan to get his used car sales business off the ground. So, armed with a dream and a plan, he walked into ELGA Credit Union and asked for the money.

ELGA said yes.

“We knew he could do this. He had the drive, the motivation. There was nothing standing in his way except for access to funds,” ELGA EVP/Chief Lending Officer Terry Katzur said.

Leonard grew his Chesaning business to hundreds of cars and 16 employees. ELGA now provides the car loans to his customers. To let everyone know how he got his start, Leonard used his own money to put up a billboard on his property bearing ELGA’s name.

Leonard’s success story is one of a growing number of small business dreams brought to life with the help of a credit union. 

Statewide, 2016 1Q credit union business loans were up 18.1 percent compared to the same time last year.

Here’s a look at average regional 2016 Q1 business loan growth from credit unions headquartered in each city as compared to same time last year.

• Detroit: 78.2 percent
• Grand Rapids: 38.2 percent
• Flint: 15.1 percent
• Traverse City: 27.6 percent
• Alpena: 9.9 percent
• Marquette: 48 percent

Other loan growth metrics as compared to same time last year include:

First mortgages:
• Statewide: 8.4 percent
• Detroit: 32.5 percent
• Flint: 13.2 percent
• Grand Rapids 21.6 percent

New car loans:
• Statewide: 12 percent
• Alpena: 5.2 percent
• Detroit: 34.7 percent
• Flint: 2.8 percent
• Grand Rapids: 6.1 percent

Used car loans:
• Statewide: 14.4 percent
• Alpena: 19.8 percent
• Detroit: 12.2 percent
• Grand Rapids 24.6 percent
• Flint: 14.1 percent
• Traverse City 24.5 percent

Go to main navigation
Especially For:
2016-06-16 00:00:00