Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
MBLs At CUs Grew 45.1% In July
MADISON, Wis. (8/23/13)--Member business loan (MBL) approval for credit union small-business loans rose in July for the first time in a year, according to a report by Biz2Credit, an independent commercial credit service.
 
Loan approval rose to 45.1% in July from 44.8% in June, the report indicated (creditunionsonline.com Aug. 19).
 
"We are beginning to see larger credit unions investing in Small Business Administration (SBA) loans," Biz2Credit CEO Rohit Arora said in a statement. "Possessing the license to carry out SBA loans is a huge advantage that the credit unions have over alternative lenders, and they are starting to promote this aggressively."
 
Credit union small-business loans have been crucial to small-business owners during the recession and moving forward from then, Mona Shand, public relations manager of marketing and communications for the Michigan Credit Union League and Affiliates, told creditunionsonline.com.
 
Metro CU, a $1 billion asset, Chelsea, Mass.-based credit union, reported its business loans are up 45% year over year, and $650 million asset Webster First CU in Worcester, Mass., saw an increase mostly in service sector startups applying for loans at the credit union, said the publication.     
 
The article also mentioned small-business loans provided to entrepreneurs by $700 million asset Credit Union of Southern California, Whittier, Calif., and Omni Community CU, a $304 million asset credit union, based in Battle Creek, Mich.
 
The Credit Union National Association and credit unions are pressing Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.
 
RSS





print
News Now LiveWire
Data security legislation among FTC recommendations #NewsNow http://t.co/2pS3Te1RPS
39 minutes ago
.@CUNA has written to @RepBlainePress and @BradSherman to express support for a privacy notice bill expected to be introduced today.
48 minutes ago
.@AEAFCU,which operates under conservatorship of @TheNCUA, reports improved financial performance for 2014. Release: http://t.co/AUvBLXtQt0
52 minutes ago
5 MI #CUs named @101Best list for 2014 @ConsumersCU @DFCUFinancial @LMCU @michiganfirstcu @msufcu #101BB #NewsNow http://t.co/o680Rtpdsv
1 hour ago
2015 #GAC Crashers represent all 50 states, D.C. #creditunions http://t.co/VqaHltZaD4
2 hours ago