LONG ISLAND, N.Y. (10/1/12)--In efforts to grow its small-business lending and brand, Bethpage FCU in Long Island, N.Y., has become the name sponsor for the "Best of Long Island" awards presented by the Long Island Press.
The $4.8 billion asset Bethpage FCU--the biggest credit union in the state--signed a three-year deal to be the name sponsor of the awards (Long Island Business News Sept. 27).
Small businesses all over the area display Best of Long Island signs, so it's a great promotion to be a part of, Linda Armyn, Bethpage senior vice president, told the publication.
In addition to the awards sponsorship, the credit union intends to hire two teams of small-business lenders in the first quarter of 2013 and more aggressively market its services to small businesses, Armyn said.
Bethpage FCU has decided to "formalize" its small-business program--which wasn't a core element to its retail branching business before--and is investing a "couple of million dollars," into the effort, she added.
The Credit Union National Association (CUNA) and credit unions are urging Congress to increase credit unions' member business lending (MBL) cap to 27.5% of assets from 12.25% so that more loans could be made to small businesses. CUNA and credit unions say that increasing credit unions' MBL cap would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers.