ANN ARBOR, Mich.—A “cash mob”-style initiative that began last year in Michigan has spread to Louisiana and Ohio.
Bill Beardsley, CEO at the Michigan Business Connection, said the intent remains the same for the second anniversary—enhancing CUs’ visibility and showcasing the good things they do in their local communities the economy.
“When consumers think of banks at the industry level, they think of things like money, power and greed,” said Beardsley. “But when they think of credit unions, they think of things like community, service and commitment. So credit unions, I think, naturally love to do the things that reinforce that perception of community, service and commitment. But more than anything, [CU Lunch Local] is easy and it’s fun, and it gives everybody the chance to take a break and celebrate hard work in a way that feels good and that has real meaning.”
According to Jessica Richardson, senior partner at inFUSION Group and the marketing manager for the event, about 50 Michigan CUs took part in the event last year, supporting as many as 300 businesses throughout the day and pumping thousands of dollars into the local economy.
“When you take just 50 credit unions with an average of 20 employees, and figure $5-$10 per employee, that’s a pretty impressive number for just one day,” she said. Richardson estimated that more than $10,000 was spent at local businesses at last year’s event, and she said the expectation is that this year’s total will double that.
The event also always takes place during International Credit Union Week in order to time it to a time when CUs are particularly active and have high visibility within their communities.
Two weeks before this year’s event, Richardson said at least 40 CUs from across the three states were set to participate, and e-mails were still coming in with plans to participate. Additionally, she said, many CUs that participated last year are upping the ante for 2013 and putting the word out to members as well as staff.
Beardsley explained that every CU does the event differently. While some promote it in their newsletters and get members involved, others keep it internal, preferring to keep the focus on connecting the CU to local shops and emphasizing the business services that credit unions can offer. He said it is not intended to be an event that boosts the bottom line, but rather to help credit unions “gain just a little bit more recognition of the many good things we’re doing to help our communities.”
And though Michigan Business Connection started CU Lunch Local and continues to serve as a central hub for helping CUs participate, Beardsley said that it has not taken any role in expanding it. The events in Ohio and Louisiana are being put together by individual CUs and their state leagues. Similarly, Beardsley said there are no plans to push an expansion, but rather organizers intend to leave it open for organic growth.
“We’d love to have any state that’s interested do it,” said Richardson. “It would be catching a rainbow if next year this was in 20 states.”
