Credit unions across Wayne County, including helped pump at least $20,000 into the Michigan economy — “cash mob”-style — by participating in the CU Lunch Local Program on Tuesday. Mona Shand, public relations manager for the Michigan Credit Union League, said it was part of International Credit Union Week.
Participating credit unions put their money where their mouth is by buying lunch, cookies and snacks or Michigan-made treats, Shand said.
Cash mob events are similar to flash mob events but instead of dancing in the street, people who participate in cash mob events spend money. Their goal is to support local businesses and encourage others to buy local.
“It was a big success,” she added. “And everybody got fed.”
Wyandotte Federal Credit Union in Wyandotte supported a local Mexican restaurant. A goal of CU Lunch Local is to raise awareness about the importance of supporting local small businesses across Michigan. Studies show that money spent at local businesses tends to stay in the community, and a greater percentage of each dollar is recirculated at the local level, compared with non-local businesses. CU Lunch Local is sponsored by Michigan CU Capital, a credit union organization formed in 2011 in collaboration with Michigan Business Connection, a commercial lending CUSO.
CU Lunch Local will take place again next year, sometime during International Credit Union Week during the third week of October, Shand said.
For credit union customers, advantages include lower fees and better interest rates, she said. Many credit unions still have free checking, and they don’t pay dividends to stockholders.
“As a member, you have a say in how your credit union is run,” she said.
“Public Service CU is proud to support local businesses 365 days a year, and for CU Lunch Local, we’re excited to showcase local businesses and encourage everyone in our community to join in and help support hometown stores and shops in Romulus and across Western Wayne County,” said Public Service CU’s Rob Mercier, vice president of growth and development, in a press statement. “When we spend money locally, that money stays here and directly benefits our local economy.”
David Adams, CEO of Michigan Credit Union League & Affiliates said, “Michigan credit unions support small businesses in so many ways, including business lending that helps create jobs and turn the state’s economy around. This is an opportunity to show everyone just how big the credit union commitment to small business really is.”
To learn more about the event visit MI CU Capital’s Facebook page at, www.facebook.com/MICUCapital.
About the Michigan Credit Union League & Affiliates
Organized in 1934, the Michigan Credit Union League is a trade association representing credit unions statewide. Based in Lansing, the MCUL offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information. For more information, visit www.mcul.org and follow them on Facebook and on Twitter.
About MI CU Capital
Michigan CU Capital is a shared symbol of credit union commitment to serve Michigan business and create awareness of the credit union industry's capabilities in business lending. Credit unions believe that working together to help their business members and their communities succeed by providing them with financial support is a critical part of their mission. Michigan CU Capital is a collaborative approach that enables even more credit unions to promote their successes. MI CU Capital was founded in late 2011 and is powered by Michigan Business Connection. To learn more about MI CU Capital, visit their website or their Facebook page.