In brief

Genisys Credit Union among Top 50 Best Credit Unions

AUBURN HILLS – S&P Global Market Intelligence has named Genisys Credit Union one of the Top 50 “Best Performing” Credit Unions in the United States.

“Genisys is proud to receive this recognition. It is a testament to the dedication and effort that our board, management and team devote every day to making Genisys a safe, sound, and successful financial institution,” said Jackie Buchanan, President and CEO, Genisys Credit Union.

Genisys Credit Union is one of three Michigan Credit Unions to make the Top 50 list, ranking 13th nationwide. Genisys is the only credit union in the Metro Detroit area, as well as the entire east side of Michigan to make the list.

S&P Global Market Intelligence is a leading provider of financial information and research. They base their ratings on five metrics including member growth, net charge-off as a percentage of loans, efficiency ratio, asset quality and market growth. – G.G.

Microlending program aims to build small businesses

LANSING – Pure Michigan Micro Lending Initiative will be available to Flint-based small businesses looking for funds to assist in locating or expanding their companies in the city. The program lends from a few thousand dollars to $250,000 to businesses that might not otherwise obtain traditional bank financing.

A collaboration between the Michigan Economic Development Corporation and Huntington Bank, the initiative is a $2 million lending commitment, and marks an expansion of the program that began in the fall of 2013 to serve small businesses in Detroit and has since expanded to serve 17 counties.

“We’re working together to make Flint stronger. The plan to develop the city’s economy is proceeding on several levels, from seeking corporate investment to finding ways to attract those types of small, uniquely local businesses that are often the bedrock of a downtown or a neighborhood,” MEDC CEO Steve Arwood said. “Microlending in Flint will be a catalyst for economic growth, and will be administered by Metro Community Development, which has deep and thorough knowledge of the city.”

The expansion of the Pure Michigan Micro Lending program to Flint and Genesee County is expected to launch in the next 30 to 60 days and will be administered through community microlender Metro Community Development with support from the Charles Stewart Mott Foundation.

The program is part of a larger initiative announced Wednesday by FlintNOW and Huntington that will provide $25 million for programs to support homeowners, businesses, entrepreneurs and Flint/Genesee County residents. Overall, the FlintNOW-Huntington initiative earmarks funds for hardship relief, mortgage assistance, small business loans, and youth education.

Essentially, MEDC mitigates some of the risk, thereby making it easier for Huntington and Metro Community Development to assist a business. Further, MEDC guarantees to cover loan losses up to 20 percent of the total fund, or the equivalent of up to $400,000. – G.G.

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