More than 300 Credit Unions Jumped into Business Lending Arena in 2005
WASHINGTON - In 2005, 310 credit unions launched business lending programs contributing to the 1,484 credit unions that were currently offering members such programs, according to Callahan & Associates, Inc. The rising number of credit unions offering business loans made the lending category the fastest growing lending area in 2005. According to Callahan, the outstanding balance on business loans rose 34.1%. At year-end, total member business loans were $15.9 billion. While the numbers are on the incline, business loans are still the smallest lending category when it comes to outstanding balances at 3.4%, Callahan said.