BATTLE CREEK, Mich. (1/5/11)--Battle Creek, Mich., now has a new Culver's restaurant, thanks to a business loan that OMNI Community CU provided after 28 other financial institutions refused financing for the business.
OMNI Community CU Commercial Services Manager Ed Mounce, left, congratulates Culver's owner Michael Miller on bringing the restaurant to Battle Creek, Mich., with a loan from the credit union. (Photo provided by OMNI Community CU via the Michigan Credit Union League)
The credit union said its business lending has grown by nearly 100% from September 2009 through September 2010 (BattleCreek Enquirer.com
Dec. 27 and Michigan Monitor
Jan. 3). "Twenty-eight different financial institutions turned me down for financing my business," said Michael Miller, owner/operator of the Culver's in Battle Creek. "OMNI was the only one who gave me the opportunity to make my business a reality in successfully brining Culver's to Battle Creek." OMNI Community CU CEO Ted Parsons told the Enquirer
that many businesses can benefit from bringing their relationship to the credit union. The $249 million asset credit union has paid a cashback rebate for the past three years to members. The rebate differentiates the credit union in the marketplace because no other financial institution in Southwest Michigan is offering this, the credit union said. Credit unions, state-level leagues and associations, and the Credit Union National Association have advocated throughout the past year to lawmakers that raising credit unions' member business lending cap to 27.5% of assets from 12.25% would help generate more loans and more jobs without cost to taxpayers.