How to Participate

Which credit unions can participate, and what regulations exist to engage in business lending?

As you are probably aware, the NCUA has specific regulations on business lending.

Credit unions interested in participating must meet NCUA REG 723-Member Business Loan requirements or work through a CUSO to participate. Additionally, any credit unions under regulatory prompt corrective action (state or federal) are not eligible to participate.

Overview

• Credit unions already participating in member business lending by utilizing their own in-house business lending staff are welcome to use those resources to participate in the CUSBFA. To officially sign up as a CUSBFA participating credit union, please complete the CU Application to Participate web form by clicking on the link below. The form will connect your credit union with the MI-SBTDC for your region.

• Credit unions already utilizing a CUSO for their small business lending are welcome to continue to use their CUSO for participation in the CUSBFA. Please complete the following web form which will be sent to both the MCUL and the CEO of your current CUSO. The form will also connect your credit union with the MI-SBTDC for your region.

• Credit unions interested in offering entrepreneur and small business loans for the first time are also invited to participate in the CUSBFA. Credit unions can establish their own in-house small business lending expertise in compliance with the NCUA REG 723 Member Business Loan requirements or consult with any of the 3 Michigan CUSOs about utilizing their services for the program.

Click here for the CU Application to Participate.