Minnesota Credit Unions band together to offer commercial lending

Launch of United Financials Capital enables greater opportunities for businesses and community developers

ST. PAUL, MN (May 4, 2022) — Four leading Minnesota-based credit unions announced today they have launched a new Credit Union Service Organization (CUSO) that opens the door for credit unions to collaborate on lending opportunities for public and private commercial and infrastructure projects throughout Minnesota and the Upper Midwest. Named United Financials Capital (UFC), its founding members include:

  • Affinity Plus Federal Credit Union
  • Hiway Credit Union
  • SPIRE Credit Union
  • TopLine Federal Credit Union

“Speaking on behalf of the founding credit union CEOs, we’re excited to launch United Financials Capital, moving beyond ideas and discussions to collaborative action,” said Dave Boden, President/CEO of Hiway Credit Union, who serves as board chair for the new organization. ”We’re here to bring the power of credit union values and the combined resources of our organizations to the commercial lending marketplace.  We believe this is just a starting point: Our mission, and obligation, is to serve and support MN credit unions of all sizes We deeply believe we are all stronger if we work together.”

“This partnership is a game-changer for Minnesota credit unions and businesses seeking commercial lending, as it allows credit unions throughout the state to compete for larger projects with the competitive terms and service credit unions are known for,” said Michael Dalglish, CEO and Founder of UFC.

Through this partnership, UFC seeks to empower credit unions to access new opportunities in their communities and better serve their members – while giving back to Minnesotans under the umbrella of the not-for-profit financial cooperative movement. By building on existing resources in each identified target market, UFC hopes to reduce costs, increase revenue and create new opportunities for credit unions.

“Our aim is that UFC owners and subscribers all benefit from their shared expertise and bring value to businesses and community developers, all while enhancing the member experience,” added Dalglish.

In addition, Dalglish said the organization seeks to create a safe zone of innovation for vetting new business ideas within the credit union model.

“We believe working together will be a catalyst for future development in the credit union industry. As a group, we have taken a creative approach towards financing projects and helping better serve our combined 500,000 members,” said Dalglish.

The organization plans to identify, evaluate and pursue new public-private partnerships within the communities served by its members – with the goal of providing additional lending opportunities.

“The short-term and long-term outlook for collaboration, along with increased efficiency, provides strong potential for long-term growth and opportunity,” said Dalglish.

According to Boden, “Minnesota credit unions have always been at the heart of small and mid-sized business lending for many communities throughout the state Combining resources and working together through the United Financials Capital CUSO can extend the reach of credit unions to opportunities often not otherwise available, and truly enable the organizations to be a significant economic engine for growth in Minnesota and beyond.”

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About Minnesota Credit Union Foundation

Focused on financial education and professional development initiatives, the Minnesota Credit Union Foundation is dedicated to providing the resources for credit unions and communities to prosper and thrive. MnCUF is a non-profit 501(c)(3) organization founded in 1969 that serves as a charitable arm of the Minnesota credit union movement. For more information, visit


Julia Miller, Director of Communications


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