Michigan Business Connection Underwrites $100 Million in Loans, Funds $20 Million

ANN ARBOR, Mich. – In just a little over a year, Michigan Business Connection, LC has reached two milestones. The business lending CUSO, which provides commercial underwriting and loan origination services to credit unions throughout Michigan, has exceeded the $100 million mark in underwriting and has funded $20 million in loans, according to Bill Beardsley, MBC president/chief lending officer. “There is a huge difference between underwriting and funding,” Beardsley said. “We are, however, very pleased at the loan opportunities we are seeing. Underwriting volume is the leading edge of our future business volume, but we also consider it to be validation of our lending brand and the effectiveness of our business development activities.” The CUSO also recently became an SBA-approved lender, a process that took six months to complete. Staff training will take place in October, Beardsley said. “We are very pleased to receive the approval for each of our credit unions,” Beardsley said. “The SBA reviewed each institution on its own merits, but also considered the qualifications of MBC staff and our processes in reaching their final conclusions. This enhanced capability will allow each of our credit unions to better serve their members and communities.” MBC, which became a legal entity in March 2004 and was fully operational in August 2004, was founded by $187 million MidWest Financial CU; $764 million State Employees CU; $498 million Detroit Edison CU; $548 million Macomb Schools and Government CU; and $194 million Christian Financial CU. Since its launch, MBC has formed several alliances including with Private Business, Inc., a national provider of financial software and marketing solutions, to offer merchant account services and LandAmerica Financial Group, Inc. to form a commercial real estate title agency, MBC Title Agency. In January, it aligned with Bankers Systems to use its Rembrandtr Lending System to help establish business lending documentation. -