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IHuntsville TimesI More small businesses look to CUs
HUNTSVILLE, Ala. (2/15/10)--More small businesses nationwide are looking to credit unions to obtain business loans, The Huntsville Times said Friday. “Nationwide, credit unions’ small-business loans are up from less than $10 billion at the end of 2003 to more than $35 billion last September, according to the Credit Union National Association’s chief economist in a recent Washington Post story,” wrote author Marian Accardi in the Times. The article noted the efforts of Redstone FCU in Huntsville, Ala., in working with a young local company to secure a loan backed by the Small Business Administration. The business development support company needed a loan to set up a proposal center in its office and to build software applications to support government contractors, the paper said. The average small-business loan for credit unions is $159,000, Patrick La Pine, president/CEO of the League of Southeastern Credit Unions, which represents 322 credit unions in Alabama and Florida, told the paper. “We're not building strip malls or large development,” he said. Tighter credit has left small businesses “starving for capital,” he added. To read the article, use the link.
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