MCUL says 46% of state's 332 credit unions now in the member business lending business. According to Michigan Credit Union League & Affiliates’ data released Wednesday, the number of Michigan credit unions offering business loans was up 6.8% in the second quarter, with nine new credit unions now offering this service. ------Nearly Half of Michigan’s Credit Unions Now Offer Business Loans:
Credit unions spend enormous amounts of time, energy, and marketing dollars trying to acquire new members. But many institutions — especially sponsor-based first responder credit unions — are sitting on one of the most valuable growth opportunities already inside their existing membership base. The joint owner population. Every day, firefighters, police officers, EMTs, dispatchers, and other first responders join credit unions through sponsor relationships. During account opening, spouses or partners are often added as joint owners for convenience. They help manage the household finances. They use the debit card. They log into online banking. They interact with the credit union regularly. Yet in many cases, they never actually become full member-owners of the cooperative. They are connected to the institution — but not fully part of it. And that creates a major strategic opportunity. Why Joint Owner Conversion Matters For sponsor-based credit unions, converting joint owners into full m...

Comments
Post a Comment
Please no profanity or political comments.