Muskegon credit union breaks into commercial lending

A small credit union on the lakeshore has moved into commercial lending for small businesses.

Route 31 Credit Union, formerly Muskegon Co-op Federal Credit Union prior to a name change last August, recently launched commercial lending in response to demand from members who own small businesses.

Rupert

With two offices in Muskegon County and $88.4 million in total assets at the end of 2022, the credit union until now has primarily been a consumer and home mortgage lender, CEO John Rupert said.

“We’re brand new in this and dipping our toes in the water,” Rupert told MiBiz. “We felt pretty saturated in the consumer loan space and we’re doing real estate mortgages at a premium pace. We’ve had a demand from our membership where we have a lot of small businesses that have had to get their financing through a bank or another credit union. They’re like: ‘We like doing business with you. What can we do?’”

Read the full story from MiBiz.