Michigan First is member-owned, and we’re invested in giving back to our community. Our partnership with the Michigan Business Connection (MBC) helps us give businesses what they need to be successful – because when you succeed, we all succeed! The relationship with MBC allows us offer competitive pricing and flexibility, tailoring loan products to your specific needs.
Lower Rates on Loans
Since we’re a member-owned company and don’t have corporate shareholders to demand profits, we’re able to provide better rates on commercial loans and business lines of credit. How is it possible? Without shareholders, all of the money we receive goes back to the membership, in the form of lower loan rates.
Michigan First Credit Union and MBC finance offerings include SBA, MEDC and USDA loan programs in addition to conventional business lending. Contact us or visit Michigan Business Connection to learn more.
SBA Paycheck Protection Loan Program (PPP)
The Small Business Administration (SBA) is now accepting applications for another round of funding as approved by congress. We will continue to accept applications and submit them for processing.
You may be eligible for a loan under the Small Business Administration’s (SBA) new Paycheck Protection Program. This program is designed to provide small businesses access to funds to continue paying your employees and operating your business. Michigan First Credit Union is participating in the program and processing PPP loan requests for existing members. SBA PPP loans may receive forgiveness for the amounts equal to payroll, utility, and rent or mortgage interest expenditures made during the 8-week period after the loan is granted. Any remaining balance will be due within two years, with a first payment deferment for 6 months. The interest on the remaining balance will not exceed an Annual Percentage Rate established by the SBA, interest will accrue during the deferment period.
Please email completed applications to Steve Franey (firstname.lastname@example.org) or Jeff Fitrzyk (email@example.com).