LANSING, Mich. (8/23/13)--The Michigan Credit Union League and the Michigan Business Connection (MBC), a credit union service organization that offers business services, are asking state credit unions to submit videos showcasing the positive impact they have made on local businesses or causes.
Michigan's credit unions have loaned more than $1 billion to local businesses and donated more than $10.5 million to community causes, as of 2012, said the league.
The league promotes the initiative with a video that offers tips and ideas credit unions can use to make simple videos promoting their business lending projects. To view the video, use the link.
As credit unions work to create their visual story, MBC is also planning its second annual CU Lunch Local event for Oct. 15. Last year, more than 51 credit unions "cash-mobbed" local businesses to demonstrate the greater power of a dollar spent at a small business.
Credit unions maintain they can do more for small businesses if the cap on their member business loans were lifted to 27.5% of total assets from 12.25%. The Credit Union National Association has estimated that lifting the MBL cap would create 140,000 jobs and inject $13 billion in new funds into the economy, at no cost to taxpayers.