Home » For Credit Unions & CUSOs

Additional Resources

Watch MCUL President and CEO David Adams and Bill Beardsley, President of MI Business Connection explain the background and importance of the Michigan Small Business Financing Alliance.
(Click on image below)

Listen to a Podcast about the SBFA with Dutch Ducher of CenCorp Business Solutions
(Click on image below)

For Credit Unions & CUSOs

This section is provides MCUL members-only resources and information for Credit Unions interested in participating in the Credit Union Small Business Financing Alliance (CUSBFA). After becoming familiar with this new alliance, lenders will be provided the institution registration form, learn about the referral and counseling process, receive materials for state and federal risk mitigation programs, and be introduced to the director of their MEDC regional partner through the local MI-SBTDC office. Credit unions continue to play an increasingly important role in small business lending. As the premier and exclusive lenders of this program, Michigan CUs look forward to providing more assistance to qualifying Michigan start-up and small businesses.

A wide range of start-up and existing small businesses are expected to participate in the CUSBFA. To ensure applicants seeking credit are prepared for this step in the process, a web form will be utilized to help them assess whether they meet the qualifying criteria:

  • Are they a start-up or small business seeking financing?
  • Do they have a business plan (or if not, are they willing to consult with their regional MI-SBTDC office to access help in preparing one)?
  • Have they completed financial analysis for their business (or if not, are they willing to consult with their regional MI-SBTDC office to help them with this)?

Participating credit unions will receive CUSBFA applicants through their regional MI-SBTDC office. If applicants require further financial planning or analysis prior to applying for credit, participating credit unions will be directed to refer the entrepreneur or small business owner to the regional MI-SBTDC office for additional consultation.

Social mission

  • Community reinvestment: This new alliance is a great opportunity for credit unions to increase their participating in small business and entrepreneur lending. Whether you are a credit union that already has an existing small business lending program, or are new to small business lending, the resources are available to help you along the way. Member business lending continues to be an increasingly important role in local community reinvestment. While credit union lending increased during 2009, many other lenders in the marketplace pulled back. Small business and entrepreneur lending is an important part of Michigan's efforts to transition our economy.
  • Benefits of the Alliance: This new partnership between credit unions and the MEDC's twelve regional MI-SBTDC's across the state is the first of its kind. Never before have credit unions had the unique opportunity to work in cooperatively with a state-level business training program to assist in the financing of start-up and existing small businesses. Participating credit unions in each MI-SBTDC region will have the opportunity to finance several new businesses in their region while the applicants utilize a wide range of consulting services provided by the MI-SBTDC's at low or no cost. This program is truly a win-win for both small businesses and credit unions!