Credit Unions will Free up $40 million for Startups

Lansing, MI – Michigan credit unions say they're ready to step up to help small businesses get the financing they need to succeed in the state's challenging economy.

During her State of the State address Wednesday, Governor Granholm said the state's credit unions will make more than $40 million available to small business startups. Getting access to capital has been difficult for many entrepreneurs, as lenders are under tighter regulatory scrutiny. But Michigan Credit Union League CEO David Adams says local credit unions are still financially strong.

"They have capital reserves and they're able to lend where sometimes others aren't," Adams says. "People will be trained, get resources they need and have access to credit at a credit union all across the state."

Adams says credit unions throughout Michigan will put together a formal process for making more funds available to startups. That plan is expected to be complete in about 90 days.