Ohio CUs Grow Business Loans by 20%
Since March 2010, Ohio’s credit unions have boasted a $23.7 million gain in member business loans.
According to the Ohio Credit Union League’s Quarterly Performance Summary, the 20% increase occurred between March 2010 and March of this year.
The league said small business lending is becoming an increasingly important part of a credit union’s suite of products. During the first quarter, Ohio credit unions originated $28.4 million in business loans, up from the $23.7 million reported during the first quarter of 2010.
As of March 31, 2011, 101 of Ohio’s 384 credit unions reported outstanding business loan balances totaling $386.6 million. Business loan balances in Ohio grew 8.3% from the previous March, which is faster than the national average of 6.4% during the same period.
"Ohio small businesses are in need of credit to help them sustain, grow and create jobs. Credit unions are in a strong position to lend, and have embraced the need,” said Paul Mercer, OCUL president.
“With Congressional help, we can do more,” Mercer said, referring to legislation in both the U.S. House of Representatives and Senate that would extend greater small business lending authority to credit unions.