Small businesses have another resource to turn to with a new site dedicated to them created by the Mid-America Credit Union Association, the trade group for credit unions in North and South Dakota.
The small business lending site features a section on the benefits of and questions about working with a credit union, a search engine, and financial security. The MACUA said the site is still a work in progress with additional links to come on SBA programs and member business lending success stories.
"Small businesses in our region are finding it increasingly difficult to obtain credit due to the uncertainty of today's economic environment," said Robbie Thompson, president/CEO of the MACUA, adding credit unions across North and South Dakota have continued lending when others have shut off capital to small businesses.
The trade association said in 2009, credit unions loans grew 15% while bank business lending decreased more than 11% over the same period. Credit unions were left out of the recently passed Small Business Jobs and Credit Act (H.R. 5297), which authorized $30 billion in taxpayer funds to bolster bank lending to small business.
The MACUA represents 78 credit unions in North and South Dakota that serve more than 450,000 members.