Small businesses are a big deal, and Lake Trust Credit Union ($2.7B, Brighton, MI) believes supporting them is an essential part of its mission as a credit union.
What Is A Small Business?
The Small Business Administration typically defines a small business as a for-profit enterprise with fewer than 500 employees, although size may vary by industry based on revenue.
A full 99.6% of all Michigan businesses are defined as small businesses, and the 1.9 million employees working for these businesses account for nearly half of the state’s workforce. Rising costs and access to capital are among the biggest challenges for startup entrepreneurs, but despite obstacles and uncertainty, more people decide to take the leap into business ownership every day.
Recognizing both the promise and the pressure facing these entrepreneurs, Lake Trust partnered with Cleary University to launch the Lake Trust Entrepreneurial Institute (LTEI) in March. Chief people and purpose officer Brandalynn Winchester-Middlebrook says the two institutions have worked together for nearly a decade to offer the Michigan Impact Scholarship to students planning to use their degree to contribute to the local economy.
Building on that foundation, it was a natural next step for the two institutions to launch the LTEI to equip entrepreneurs with the practical tools and essential knowledge they need for success.
“We see it as more than education, though,” Winchester-Middlebrook says. “It’s about fueling Michigan’s economy, creating jobs, and strengthening communities.”
Expanding An Educational Mission
The first cohort of the LTEI kicked off in May. The institute received more than 80 applications and selected 50 participants for its inaugural class.
The program features a free, 10-week curriculum designed for early- to mid-stage entrepreneurs. Modules take about two to three hours to complete and cover critical areas like marketing, HR, financial planning, capital readiness, and more. After all, even entrepreneurs who are experts in their craft might lack formal training in operations, human resources, or finance. The LTEI’s curriculum fills those gaps in a practical, accessible way, blending Lake Trust’s real-world insights with Cleary’s academic expertise.
Importantly, the program’s self-guided, virtual, module-based format gives participants the flexibility they need to finish the course without neglecting their business. But For Lake Trust, the first cohort wasn’t just about instruction — it was about listening and adapting to participants’ needs.
“Since it was the first run, we allowed more flexibility and extended it a little beyond 10 weeks,” Winchester-Middlebrook says. “That gave us room to see participant behavior and identify areas to improve.”
Going forward, the credit union and university plan to offer the program twice a year and expand it statewide, giving participants of all means and experience the chance to walk away with a toolkit of resources to apply immediately.
“There’s real passion among these entrepreneurs to bring ideas to life,” Winchester-Middlebrook says. “We hope this program meets them where they are to increase their chance of success.”
“Our credit union vision is, ‘a world in which everyone thrives.’ Small businesses are critical to making that happen in Michigan.”
At the end of this year, the credit union also invites those who have completed the program to participate in a pitch competition sponsored by the Lake Trust Foundation. Entrepreneurs pitch to a panel of experts, receive feedback, and compete for one of three financial prizes to reinvest into their business.
According to Winchester-Middlebrook, Lake Trust doesn’t define the success of the LTEI by credit union product adoption. The credit union might record increased engagement with its deposit or lending products, but that’s not the primary objective.
“That’s more of an indirect measure,” Winchester-Middlebrook says. “The real goal is to help businesses become more successful and viable.”
Given that benchmark, the chief people and purpose officer says even the partial application of curriculum is considered a win.
CU QUICK FACTS
LAKE TRUST CREDIT UNION
HQ: BRIGHTON, MI
ASSETS: $ 2.7B
MEMBERS: 181,557
BRANCHES: 23
EMPLOYEES: 482
NET WORTH: 10.88%
ROA: 0.49%
Although it’s too early to gauge the institute’s impact, Winchester-Middlebrook says feedback from the first cohort has been positive.
“Participants have expressed gratitude for the opportunity and said it generated excitement for them to sharpen their business skills,” she says.
Winchester-Middlebrook also says alignment between both institutions has been critical to the program’s early success, as it brought the right voices together to make the LTEI a reality. Both recognize small businesses as key to the region’s and state’s prosperity.
“This program isn’t only about business owners — it’s about their employees, families, and communities,” Winchester-Middlebrook says. “Strong small businesses create strong communities. Our credit union vision is, ‘a world in which everyone thrives.’ Small businesses are critical to making that happen in Michigan.”