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CUs help business Mich. league tells IDetroit NewsI
DETROIT (9/22/10)--Credit unions are in a unique position to make loans to help small businesses, the Michigan Credit Union League told the Detroit News in a letter to the editor Monday. Credit union business lending can spark new small-business and job growth immediately, with no taxpayer expense, wrote David Adams, league president/CEO. He referred to credit unions’ efforts in Congress to lift their member business lending cap. Credit unions in Michigan have been making business loans since their inception in 1925 “in the same prudent and common-sense manner that we’ve handled mortgages and personal loans,” Adams wrote. “Credit union delinquency rates for all of these categories are significantly lower than for other financial institutions, meaning greater stability, safety and security for members,” he added. “Because of this historic stability, credit unions have money to lend to businesses right now, and we’re doing it throughout Michigan.” To read the letter, use the link.
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