Michigan State University FCU Launches Small Business Fund With $25,000 Entrepreneur Prize

Published August 27, 2012, 6:46 p.m. EDT

|

Updated August 26, 2020, 10:42 p.m. EDT

1 Min Read

EAST LANSING, Mich. – Michigan State University FCU said it is offering a $25,000 grant to a local entrepreneur as part of the start of its small business startUP Loan Fund.

Processing Content

Entrepreneurs wanting to start a business in the tri-county area may apply for loans up to $15,000 to facilitate their business. The incubator fund has $250,000 to lend to local entrepreneurs.

One lucky business person will win the credit union’s $25,000 startUP challenge, which will be chosen by local experts. Participants will be asked to complete an application, business plans and a video pitch to enter.

“MSUFCU is excited to provide entrepreneurs with the means to start their own businesses,” said Patrick McPharlin, president of the $2.2 billion credit union. “We hope that the startUP Challenge and the startUP Loan Fund will attract more businesses to the area to help grow the local economy.”

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Politics and policy

House will vote Wednesday on newest version of housing bill

The newest version of the House housing bill would make a ban on institutional investors owning some homes less harsh than the Senate version by removing a seven year mandate on selling build-to-rent homes.

By Claire Williams
Reporter

May 19
Interchange fees

NCUA moves to block Illinois swipe fee law

The National Credit Union Administration Tuesday submitted a rule to the Office of Management and Budget stating that federal law preempts state laws on interchange, blocking an Illinois statute banning the collection of swipe fees on taxes and tips.

By Maria Volkova
Reporter

May 19
Regulation and compliance

Regulators propose CAMELS rating overhaul

The Federal Financial Institutions Examination Council — whose members include federal bank regulators — issued a proposal Tuesday to overhaul the bank supervisory ratings process, the first such revision in 30 years. The proposal would reduce the weight management grades have on supervisory ratings and would require rating downgrades to be tied to explicit financial risks.

By Ebrima Santos Sanneh
Reporter

May 19
Corporate governance

JPMorgan shareholders reject call for more lobbying disclosures

JPMorganChase's shareholders have occasionally floated proposals to make sure the bank's lobbying dollars match its public statements. At the company's annual meeting on Monday, support for one such measure was down significantly from a similar proposal in 2023.

By Nathan Place
National Reporter

May 19
Industry News

Amid turnaround, Flagstar rewards CEO Otting, names co-presidents

Flagstar Bank extended Joseph Otting's employment contract by one year and granted him new stock awards. Simultaneously, the bank promoted two executives to serve as co-presidents, in a move that could be a hint at CEO succession plans.

By Allissa Kline
Reporter

May 19
M&A

How NMI and Dwolla's combo boosts a key card alternative

The two fintechs will increase distribution of a 'pay by bank' option that has picked up steam in recent years as merchants and consumers seek relief from card fees.

By John Adams
Executive Editor, Payments

May 19

Load More