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News Now

CU System
Michigan program involving CUs announces 6300 jobs
LANSING, Mich. (11/19/10)--Michigan Gov. Jennifer M. Granholm has announced that companies will invest $420.6 million in the state, creating and retaining 6,293 jobs as part of an economic development program that involves Michigan credit unions. The Michigan Economic Development Corporation (MEDC) is helping seven companies grow in the state by backing six redevelopment projects. More than 30 state credit unions have previously committed $43 million for small business loans in cooperation with the MEDC to form the Credit Union Small Business Financing Alliance (CUSBFA). Michigan Credit Union League Director of Public Affairs Glen Ray said programs such as CUSBFA helped the MEDC leverage the business-friendly environment to attract more companies to the state. “We’re playing a strong role in generating new jobs and new business in Michigan,” Ray told News Now. “Efforts like the one announced yesterday affect virtually everyone in the state. We’re very proud of the role credit unions play in those efforts.” The MEDC played a role in creating credit union-related jobs in Michigan this week. On Wednesday, the Michigan Economic Growth Authority (MEGA), which is administered by the MEDC, announced that Member Driven Technologies (MDT), a technology service organization owned by five state credit unions was awarded a $557,000 state tax credit. The credit was awarded to encourage the company’s construction of a $6.4 million expansion and second data center. The project will create 101 jobs at MDT, and as many as 230 in the area through related business.


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