LIVONIA, Mich. (7/7/15)--Michigan’s credit unions have blazed the trail in business lending recently, surpassing national averages each year since the economic downtown in 2008, according to recent CUNA research (Monitor July 6).
That streak continued in the first quarter, as Michigan-based credit unions boosted total outstanding business loans by 16.3% on an annual basis, compared with the 11.5% national average.
“Michigan credit unions continuously demonstrate the vital role they play in the lives of the people they serve,” said David Adams, league president/CEO. “Credit unions put the needs of their member-owners before all else through lower rates and fees, financial education, and investing in Michigan communities.”
Michigan’s credit unions extended roughly $3.5 billion in loans overall in the first quarter, the highest quarterly total on record, according to the data. The performance also marks a 27.6% jump on a year-over-year basis.
The state’s credit unions also recorded an 11.5% jump in overall loan balances, the fastest annual increase since 1993.
New- and used-auto loans drove the gains with respective increases of 16.5% and 15.6%, while first-mortgage loans rose 8.8% and credit card loans climbed 5.7%.
Memberships, meanwhile, climbed 1.8% in the first quarter (7.2% annualized), pushing total statewide memberships to 4.79 million.