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Mich. CUSOs, SBA Team Up to Re-Energize CU Loan Programs

6/17/2010 - Credit Union Times

Credit unions in Michigan looking to launch or jumpstart their stalled SBA lending programs are invited to attend two, free training sessions in July.

Michigan MBL CUSOs Commercial Alliance and Michigan Business Connection have partnered with the SBA’s Detroit office to educate CUs on the approval process to participate in the 7(a) loan program, 504 lending opportunities, loan servicing expectations, new communication tools, and CU collaboration in loan packaging, among other topics.

Al Cook, deputy district director from the SBA Detroit office, will keynote the session speaking on 7(a) program resources, joined by Jane Sherzer, president of the Michigan Certified Development Corp. who will discuss SBA 504 program changes and advantages.

The free sessions are scheduled from 10:00-3:00 p.m. July 13 and 15 and will be hosted by Consumers Credit Union in Kalamazoo and Michigan First Credit Union in Lathrup Village respectively. An RSVP is requested by July 7 to danal@mbcloans.biz or rsuwinski@commercialalliance.com.

“Michigan businesses have a proud history of hard work and innovation, but current capital scarcity issues are limiting business growth and the economic recovery of the region,” said Bill Beardsley, president of MBC. Terry McHugh, president of Commercial Alliance, agreed adding “credit unions working together through their CUSOs provide a great advantage to do these types of things for their members.”

By Michelle Samaad