With more than $1 Billion dollars in business loans already funded in Michigan, credit unions continue to demonstrate their commitment to Michigan businesses via ongoing collaboration in commercial lending throughout the state. Two new community based projects are a great example of how credit unions in Michigan continue to reduce the financing gap caused by reduced lending by banks and non-bank lenders.
Construction on the Dexter Wellness Center in Dexter, MI and on a multi-unit residential and retail property in downtown Auburn Hills, MI are well underway. In both cases, a strong commitment from the lead membership credit union was complimented by support of additional credit union participants. In total, the two loans have 18 combined participants, with commercial lending CUSO Michigan Business Connection (MBC) providing the construction administration and loan management for the credit union participants.
Bill Beardsley, President/CEO, MBC describes the collaboration, “Risk sharing is critical to safety and soundness, and these two projects illustrate the important role that credit unions are playing with economic development, affordable housing and quality healthcare”. Beardsley goes onto say, “I don’t think I’ve ever seen other financial institutions able to sincerely put their competitive differences aside in order to collaborate for the greater good like credit unions can. CUSO’s help make that happen by providing expertise, but more importantly, a framework for the efficient exchange of risk and reward.”