MINNEAPOLIS, Minn.– Four Minnesota-based credit unions announced said they have launched a new CUSO that seeks to allow credit unions to “collaborate” on lending opportunities for public and private commercial and infrastructure projects throughout Minnesota and the Upper Midwest.
Backing the new CUSO, called United Financials Capital (UFC), are Affinity Plus Federal Credit Union, Hiway Credit Union, SPIRE Credit Union and TopLine Federal Credit Union.
“Speaking on behalf of the founding credit union CEOs, we’re excited to launch United Financials Capital, moving beyond ideas and discussions to collaborative action,” said Dave Boden, president/CEO of Hiway Credit Union, who serves as board chair for the new organization. ”We’re here to bring the power of credit union values and the combined resources of our organizations to the commercial lending marketplace. We believe this is just a starting point: Our mission, and obligation, is to serve and support MN credit unions of all sizes We deeply believe we are all stronger if we work together.”
‘A Game Changer’
Added said Michael Dalglish, CEO and Founder of UFC in a statement, “This partnership is a game-changer for Minnesota credit unions and businesses seeking commercial lending, as it allows credit unions throughout the state to compete for larger projects with the competitive terms and service credit unions are known for.”
According to the CUSO, UFC will seek to empower credit unions to “access new opportunities in their communities and better serve their members – while giving back to Minnesotans under the umbrella of the not-for-profit financial cooperative movement.” UFC added that by building on existing resources in each identified target market, it hopes to reduce costs, increase revenue and create new opportunities for credit unions.
“Our aim is that UFC owners and subscribers all benefit from their shared expertise and bring value to businesses and community developers, all while enhancing the member experience,” added Dalglish.
‘Safe Zone’
Dalglish said the organization will also seek to create a “safe zone of innovation” for vetting new business ideas within the credit union model.
“We believe working together will be a catalyst for future development in the credit union industry. As a group, we have taken a creative approach towards financing projects and helping better serve our combined 500,000 members,” said Dalglish.
The organization said it plans to identify, evaluate and pursue new public-private partnerships within the communities served by its members – with the goal of providing additional lending opportunities.
“The short-term and long-term outlook for collaboration, along with increased efficiency, provides strong potential for long-term growth and opportunity,” said Dalglish.
According to Boden, “Minnesota credit unions have always been at the heart of small and mid-sized business lending for many communities throughout the state Combining resources and working together through the United Financials Capital CUSO can extend the reach of credit unions to opportunities often not otherwise available, and truly enable the organizations to be a significant economic engine for growth in Minnesota and beyond.”
Additional information on the new CUSO can be found at www.UnitedFinancialsCapital.com