HARRISBURG, Pa. -- With more credit unions in the Mid-Atlantic region expressing a desire for business services, the Pennsylvania Credit Union Association is taking another stab at helping implement programs. Business Advisory Services consists of a suite of educational and consulting programs aimed at assisting credit unions that plan to serve small businesses. The association's BAS includes personal, on-site presentations to help CUs with the fundamentals of offering business services. The first step is enlightening board members and senior managers on the initial costs to launch a business services program, revenue potential, skills and staff requirements and NCUA regulations among other areas.
"Throughout Pennsylvania, as well as the Mid-Atlantic region, credit unions are expressing a desire to offer small business loans and related services," said Jim McCormack, PCUA president/CEO. "They are looking for a partner to help them make informed business decisions. Our package of training and planning sessions will facilitate a credit union's entry into the small business market in a safe and sound manner."
BAS also has a consulting component for credit unions with established programs and those poised to start one that helps develop competency in a number of areas including existing loan systems review, market analysis and product development, PCUA said.
Molly Snody will serve as director of BAS. Snody has extensive background in commercial loan underwriting and operations, in both commercial banking and credit union environments, according to PCUA.
"I am excited about credit unions reaching out to small businesses," Snody said. "There is risk there, but credit unions as service oriented cooperatives are just right for small business. I have a real passion for seeing credit unions enter the field and serve the needs of small business in a safe and sound fashion."
In 2003, PCUA launched CU BizSource, which was later bought by CUNA Mutual Group's MEMBERS Business Solutions Co. to use the secondary market to promote best practices in business loan underwriting and provide additional liquidity and risk-management alternatives. CU BizSource currently provides certification for CUNA Mutual's CU Systems Fund, an outlet created for the purchase of business loans from credit unions and the sale of shares in them to other interested credit unions.
PCUA said it will continue to work with CU BizSource and Impel Consulting Group, LLC, a newly-launched business services consulting group that made its debut at the association's recent fall leadership conference. --msamaad@cutimes.com
