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News Now

CU System
CU hosts business summit in New Jersey
Recognizing that strategic partnerships lead to growth, North Jersey Federal CU in Totowa, N.J., brought together informative resources for small businesses seeking opportunities to grow their business. More than 100 attendees networked with other businesses, ate lunch and learned about North Jersey Federal products and services. (Photo provided by North Jersey FCU)

TOTOWA, N.J. (9/26/12)--More than 100 local owners of small- to- medium-size businesses attended the Second Annual Passaic County Small Business Summit hosted by North Jersey FCU to network and learn about the credit union's products and services, as well as network with other businesses that attended.

The summit, held Sept. 12 at the $224 million asset North Jersey FCU, provided information on financing, protecting and growing a business, increasing profitability, planning trends, networking opportunities and more.

Based on a survey conducted by Totowa, N.J.-based North Jersey FCU, many small-businesses owners expressed the need to network so they could learn about new trends in best practices and products that could make their operations easier.

Small-business owners often struggle with keeping up with trends in business planning and resources that could help them grow, the credit union said.  

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, considered a staple for economic growth. CUNA and credit unions say that increasing credit unions' MBL cap would provide 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.


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