LIVONIA, Mich. (3/17/15)--Michigan credit unions delivered nearly a quarter of a billion dollars in financial benefit to their members in 2014, according to the Michigan Credit Union League's (MCUL) 2015 Community Reinvestment Report.
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The league's annual report, which draws on numbers provided by CUNA, breaks down and quantifies the work credit unions undertake in three areas: loans, services and investments.
"The Community Reinvestment Report is an important look at the innovative and unique ideas credit unions have for working with and for their members and communities," said Dave Adams, MCUL CEO. "Each credit union finds its own ways to meet the needs of (their) communities, and while the products and services may look different, the results are the same: People helping people."
Michigan credit unions provided more than $230 million in financial benefit to roughly 4.7 million members in 2014, or about $51 per member, the report said.
Included in that were the more than 67,000 loans originated during the year, totaling roughly $128.3 million.
Credit unions also continued to support small businesses in their local communities, as Michigan credit unions provided more than $1.7 billion in business loans through the end of the second quarter last year, a 20.6% annual increase.
Financial education by Michigan's credit unions flourished as well.
During the 2013-14 school year, credit unions reached more than 43,000 students with more than 1,900 presentations from financial educators.
Nearly 25,000 residents have participated in financial education programs at Michigan credit unions, which also operate more than 300 in-school branches, according to the report.
Further, the report touched on Michigan credit union involvement in the national prize-linked savings program Save to Win. Through last year, credit union members saved roughly $94 million through the program, which bolsters savings by offering cash prizes as incentives for members to put away money.