MSUFCU Announces Partnership with FACF to Support Small Businesses in Newaygo County
FOR IMMEDIATE RELEASE
July 9, 2020
Contact: Deidre Davis
Chief Marketing Officer
517-333-2424 ext. 7877
MSUFCU Announces Partnership with FACF to Support
Small Businesses in Newaygo County
EAST LANSING, Mich. — 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.
MSUFCU has a national reputation for excellence and has received several top industry and workplace awards. The Credit Union was named as a Top Workplace in the large employer category by the Detroit Free Press for eight consecutive years, received a 5 star rating from Bauer Financial in 2020, was named a Top 100 Best Workplace for Women by Fortune for the third year, and is in the top five Michigan credit unions by Forbes Best-in-State Credit Unions. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years, received the ATHENA Award® for Organizational Leadership, and was named West Michigan Best and Brightest to Work For the eighth year in a row. The Credit Union earned the ranking of one of Michigan’s Best and Brightest in Wellness for the eighth consecutive year, and has been certified as a Great Place to Work® for six consecutive years. MSUFCU has been recognized for its financial education initiatives, ranking first for the Alphonse Desjardins Adult and Youth Financial Education Awards, and the Louise Herring Award as well as an honorable mention for the Dora Maxwell Award by the Michigan Credit Union League. Founded in 1937, MSUFCU is headquartered in East Lansing, MI, has 20 branches, nearly 300,000 members, more than $5 billion in assets, and more than 900 employees. For more information, visit msufcu.org.