LANSING, Mich.— Michigan credit unions are doing well with business lending, beating the national average according to Q1 data.
During the 12-month period ending in March of 2015, Michigan credit unions increased the total dollar amount of outstanding business loans by 16.3%, surpassing the national average of 11.5%, the Michigan league reports.
“Michigan credit unions understand the importance of lending to small businesses as a way to stimulate the economy and spur business growth,” MCUL President/CEO David Adams said in a release. “The industry stepped up to fill a need during the recession in the same way it shows its steadfast support for its 4.79 million credit union members.”
Looking at lending overall, Michigan credit unions granted $3.5 billion in loans during the first quarter. In addition, the 11.5% increase of total outstanding loan balances during the 12-month period is the fastest annual increase since 1993, the league said.
Key Michigan CU loan growth metrics:
- Total loans: 11.5%
- Used automobile: 15.6%
- New automobile: 16.5%
- Member business loans: 16.3%
- Other unsecured loans: 11.6%
- First mortgage: 8.8%
- Credit cards: 5.7%