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CU System
IMSNBCI to small businesses Consider CUs
NEW YORK (3/6/09)--Small businesses should look to credit unions for financing, a columnist for MSNBC.com wrote Wednesday. In a column titled “Creative Loan Help for Mom and Pops,” Eve Tahmincioglu mentioned a Tuesday article in The Wall Street Journal that said credit unions are making small business loans because they have been mostly untouched by the subprime mortgage mess. She quoted from the article: “About 27% of the 8,147 credit unions in the U.S. offer business loans, according to the Credit Union National Association, a trade group based in Washington, D.C. The amount of business loans was up 18% last year to almost $33 billion from nearly $28 billion in 2007. The average loan size is about $215,000.” The article mentioned the small-business lending restrictions on credit unions, and how the industry is trying to get Congress to raise credit unions’ small business lending cap.
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