He also co-sponsored and helped pass the Small Business Jobs Act of 2010, and authored the Small Business Credit Initiative, which freed up $79 million in federal funding for Michigan-specific lending programs.

“Congressman Gary Peters has been a true champion for reasonable, bipartisan financial solutions that benefit local economies, and Michigan credit unions are confident that he will continue the fight to move our economy forward as our next U.S. senator,” MCUL & Affiliates CEO David Adams said.

“Congressman Peters has a been a leader in supporting families on Main Street, and helping small businesses get access to much-needed credit and capital that can help them grow and create jobs,” Adams said. “As a U.S. senator, Peters will be an outstanding advocate for the kinds of changes that will create jobs and opportunity in Michigan and across the nation.”

Michigan news outlets have reported Peters to be the Democratic frontrunner, after Democratic National Committee member Debbie Dingell said she would not run. The last Republican to win a Senate seat in Michigan was Spencer Abraham in 1994, who only served one term before being defeated by current U.S. Sen. Debbie Stabenow (D-Mich.)

Peters is scheduled to speak at the Michigan Credit Union League & Affiliates Annual Convention & Exhibition on Saturday in the Ambassador Ballroom of the Detroit Marriott at the Renaissance Center.