Minnesota credit unions added $2.6 billion to the state’s economy in 2017, according to recent analysis from the Minnesota Credit Union Network.
The state’s gross domestic product in 2016 was $339.1 billion, according to the Bureau of Economic Analysis.
In 2017, more than 1.7 million Minnesotans with $22.3 billion assets realized an annual benefit of $69 per person annually, according to the league's report, with households seeing an even higher value.
· Over $94 million in lower interest in loans
· Over $13 million in fees
· Over $8 million in interest rates on savings products
· Over $1.8 billion in loans to small businesses
In addition to the direct financial benefits, Minnesota credit unions also gave back through philanthropic initiatives, including:
· CU Forward Day, where 37 credit unions and partners volunteered more than 12,000 hours in 80 communities, impacting more than 33,000 Minnesotans
· CU4Kids raised and donated more than $200,000 annually to Gillette Children’s Specialty Healthcare
· Credit unions operated 10 school credit union branches, provided free financial education classroom presentations and donated thousands of dollars in scholarship programs.
“Credit Unions continue to provide high value to Minnesota consumers,” Minnesota Credit Union Network CEO Mark Cummins said in a press release. “The cooperative model is well-aligned with the financial choices of today’s families throughout Minnesota. Our members have continued to prove that the direct and indirect advantages of healthy credit unions offer a triple bottom line return for members and communities throughout the state.”