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CUs vital to small firms--letter in Detroit News
DETROIT (4/19/10)--Small businesses are being squeezed from all directions and finding it tough to get capital in the current economy, but credit unions are in a unique position to make loans to help small businesses turn around. So says a letter in The Detroit News Friday from Michigan Credit Union League President/CEO David Adams. "Banks statewide have had to shrink their balance sheets to get stronger. Credit union small-business loans were up 18% in 2009 while banks' commercial and industrial loans fell by 68%. We all hope that banks return to full strength soon because our economy needs a strong banking sector. In the meantime, credit unions are a viable alternative for small businesses and they are doing their part to move Michigan forward," wrote Adams. He listed credit unions' Invest in America program that promotes buying American products such as vehicles through credit unions, and Michigan credit unions' partnership with the Small Business Financing Alliance, where 30 credit unions have made available $43 million for small business loans. He also mentioned credit unions "significantly lower" delinquency rates and the movement's push in Washington, D.C., to lift the 12.25% of assets cap on member business loans to 25%. for credit unions. The article also notes the Credit Union National Association's calculation that loans from credit unions could help provide more than 100,000 jobs across the nation.
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