ANN ARBOR, Mich. – MidWest Financial Credit Union is among the latest to become a lender of 7(a) loans through the U.S. Small Business Administration. The $200 million credit union recently received approval to originate loans guaranteed by the SBA under the 7(a) loan guarantee program. Most of the credit union's commercial loans are originated and underwritten by Michigan Business Connection, LC, a credit union service organization, of which MidWest Financial is a co-owner, the credit union said. UMHS Financial is a secondary brand that MidWest Financial offers to the University of Michigan Health System. "This approval allows us to offer a better commercial lending product to our business members," said Eric Pless, MidWest Financial senior vice president of business development. There are more than 270 credit unions participating in SBA's 7(a) loan program.
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