The pace of small business growth has been unprecedented over the past few years. Small businesses employ nearly half of the U.S. private payroll, accounting for nearly two-thirds of job growth since 1993.
Credit union CEOs and boards not offering business services currently are evaluating the opportunity to serve these members as part of their strategic planning. The opportunities for profitable growth from offering small business services are generally outstanding, as these members tend to be the most loyal and profitable to the credit union.
Loan Growth—In addition to contributing to the credit union's balance sheet growth and profitability, business loans enable the credit union to have a more diversified loan portfolio. This can improve profits and lower risk in the long term.
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