Credit unions are offering business loans at a critical time, just when other financial institutions are pulling back, Iowa Gov. Terry Branstad recently said.
Branstad commended credit unions at the Iowa Credit Union League’s legislative conference last month. More than 100 Iowa credit union representatives convened to learn more about the legislative issues affecting the industry and interact with their legislators, according to the league.
"Credit unions are part of the solution in creating and sustaining jobs in our state," said Branstad, adding it is his goal to create 200,000 jobs in Iowa within the next five years.
From 2007 to 2010, Iowa credit unions have increased member business lending by 54% while Iowa banks have decreased by 7.9% during that same time, Branstad noted.
Iowa credit unions also heard from Iowa Economic Director Debi Durham and Iowa Attorney General Tom Miller.