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TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Kanjorski to Pa. auto dealers Try CUs for loans
SCRANTON, Pa. (3/4/10)--One auto dealer in Northeast Pennsylvania is seeing the benefits that increased business lending for credit unions could offer the rest of the economy. After being rejected by nine banks, Ertley Dealership in Scranton, was approved for a loan by Cross Valley FCU. Dealership President Ron Ertley got the loan after taking the suggestion of Rep. Paul Kanjorski (D-Pa.) (Scranton Times-Tribune March 3). Kanjorski, meeting with a group of local auto dealers having difficulty accessing credit from banks, suggested they try credit unions. The story noted Kanjorski’s work to expand credit union business lending through legislative means. Credit union business lending increased by over 11% last year, and Kanjorski told the Times Tribune that credit unions need Congress’s help “to fill a void in business lending.” Kanjorski is sponsor of HR 3380, the Promoting Lending to America's Small Business Act, which would enable credit unions to make more small-business loans.
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