MSUFCU announces partnership with FACF to support small businesses in Newaygo County
EAST LANSING, MI (July 10, 2020) — MSU Federal Credit Union (MSUFCU) has partnered with Fremont Area Community Foundation (FACF) to create the Small Business Recovery Loan Program, which will leverage up to $3.4 million to support businesses in Newaygo County.
Both MSUFCU and FACF believe their partnership is a natural fit and demonstrates the organizations’ shared missions to serve and improve community members’ lives.
“MSUFCU is pleased to partner with FACF to provide local businesses with a newly-created loan program,” said April Clobes, MSUFCU President/CEO. “It is all of our responsibility to lift up our businesses and communities in times of need so that everyone has the opportunity to thrive.”
Loans up to $50,000 are available for Newaygo County businesses with 50 or less full-time employees. Loan terms are favorable, with low interest rates and up to five-year terms. Depending on applicants’ needs, the first principal and interest payments may not be due until 90 days after closing.
“We know that many local businesses applied for federal aid in the past several months. While most received a small amount of recovery funding, many were denied or not even allowed to apply,” said Carla Roberts, FACF President and CEO. “This loan program will help preserve existing businesses in our community and give them the tools to not only survive but to thrive as our state slowly reopens.”
Both nonprofit and for-profit organizations are eligible to apply for a Small Business Recovery Loan. Visit facommunityfoundation.org/loans for more information.
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. The Credit Union operates an award-winning, wholly owned credit union service organization, Reseda Group; along with digital financial platforms AlumniFi and Collegiate; trade name Oakland University Credit Union; and its foundation, the MSUFCU Desk Drawer Foundation. MSUFCU is headquartered in East Lansing, Michigan; and has 24 branches; over 360,000 members; $7.8 billion in assets; and more than 1,200 employees. For more information, visit msufcu.org.
