Small-biz-loan demand up, Schenk tells CNBC
NEW YORK (7/30/09)--The demand for credit union small business loans is up, a Credit Union National Association (CUNA) economist told CNBC.
Mike Schenk, CUNA senior economist, told the network Tuesday that demand for small business loans at credit unions has increased 6% compared with commercial banks.
CNBC also mentioned a small business owner who received a loan from a credit union at 0% interest. CUNA provided the news outlet with information that led to the interview. The loan will save business owner Harley Nobli $22,000 in interest per year.
"The credit union was able to loan the money when the community and commercial banks were not," Nobli said.
CUNA has said that an increase in credit unions' member business lending cap--currently at 12.25%--could help the country's economic recovery by providing small businesses with more of the credit they need.
More CU/System
News Now LiveWire
- Iowa Gov. Terry Branstad credited Dupaco Community CU for its role in helping an Iowa small business grow and create jobs. - 1 hour ago
- Iowa Gov. Terry Branstad visits Dupaco Community CU, notes CU's role in helping small bizzes grow & creating jobs in state. - 3 hours ago
- Gunman killed Friday in shootout w/ police outside PBC CU, West Palm Beach, Fla., I.D.'d as Christopher Brown, 18. No one hurt inside CU. - 3 hours ago
- In Wash Post article on ?end of Fannie and Freddie,? CUNA?s Hampel says CUNA, CUs are working on contingency plans. http://t.co/bzmi57mY - 3 hours ago
- John Bell, an employee of NC Community FCU, has announced his candidacy for the NC House of Representatives. - 3 days ago
- See all our Tweets and sign up; News Now LiveWire on Twitter
