Four Minnesota-based credit unions have launched a new Credit Union Service Organization 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, its founding members include:
- Affinity Plus Federal Credit Union
- Hiway Credit Union
- SPIRE Credit Union
- TopLine Federal Credit Union
“We’re excited to launch United Financials Capital, moving beyond ideas and discussions to collaborative action,” said Dave Boden, president and chief executive officer 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, chief executive officer 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.
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.
