Hampel to L.A. Times: CUs lending to small biz
LOS ANGELES (9/23/09)--Credit unions are lending to small businesses, Bill Hampel, Credit Union National Association chief economist, told The Los Angeles Times.
"About one-quarter of the nation's 8,000 credit unions also do business lending," Hampel said. "There is a legal cap on how much credit unions can lend, but loans under $50,000 do not count toward that cap."
Hampel was quoted in a column, "In Box," by Karen Klein on Tuesday. Klein's column was based on a question from a reader: "Are my chances for getting a small business loan improving?"
Klein said large banking institutions are reluctant to lend to small companies, but smaller institutions haven't been affected. If the business is profitable and creditworthy, and "you have a good reason for wanting a loan, your chances are good," Klein added.
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