Sponsored by: Lake Trust Credit Union
Every Lake Trust Credit Union member becomes part of a dynamic cooperative working to nurture and transform people, businesses and communities.
Headquartered in Brighton, Michigan, Lake Trust currently serves nearly 200,000 members who live, work, worship, attend school or operate businesses in Michigan. With branches in more than 20 cities, towns and villages throughout the state, the credit union’s strength is enhanced by the strength of the greater community.
“At Lake Trust, we are focused on being an engine of financial well-being. Supporting the communities where our members and teammates live and work is central to that mission,” says Lake Trust President and CEO David Snodgrass. “We believe strong communities are essential to our state’s collective success, so we have dedicated significant time and resources to support traditionally underserved communities.”
As an enthusiastic partner in the federal Community Development Financial Institution initiative, Lake Trust in 2020 processed more than 12,000 loans for more than $392 million in communities that have traditionally lacked access to capital.
Those loans spurred economic development by providing access to affordable financial services and products for consumers and businesses in underserved neighborhoods. Looking forward, additional funding will allow Lake Trust to continue to invest in Michigan’s communities.
“Programs like the Community Development Financial Institution fund are important because they support positive change,” Snodgrass explains. “By providing resources and capital to mission-driven financial institutions, CDFI programs target support to those who are traditionally underserved and are living and working in some of our nation’s most distressed communities, providing community members with critical access to financing.”
Supporting members, and the communities where they reside is part of Lake Trust’s DNA. The organization gives back — financially, volunteering time, providing scholarships, partnering with organizations that promote workforce readiness and community wellbeing, as well as giving in other ways. In fact, Lake Trust’s team members gave more than 1,000 hours of combined time during their annual volunteering day in 2020, with a total of 6,962 hours volunteered — the equivalent of 290 days — last year alone.
A pledge in Lake Trust’s most recent impact report says it best: “We exist to support the financial well-being of individuals, families, small businesses and communities in Michigan. Beyond products and services, we advocate for our members and serve as an outlet to connect people and resources.”