Ohio CUs Grow Business Lending
Member business lending at Ohio’s credit unions are becoming strong portfolio components.
Of the state’s 382 credit unions, 101 had outstanding business loan balances totaling $406.4 million, according to the Ohio Credit Union League’s “Ohio Credit Union Quarterly Performance Summary.”
Member business loan originations were $63.3 million in the first half of the year, which is up 16.6% from $54.3 million in the first six months of 2010.
“Small businesses are the economic engines that drive the economy forward, and Ohio credit unions are providing the financial support necessary for growth,” said Paul Mercer, OCUL president. “We can do more. Congress is considering a measure that will provide credit unions with the capacity to lend more to small businesses, injecting $13 billion into the economy and creating 146,000 jobs nationally, without costing taxpayers a dime.”
Over the summer, the Ohio league said small business lending is becoming an increasingly important part of credit unions’ suite of products.
Several Ohio legislators are co-sponsors of H.R. 1418, the Small Business Lending Enhancement Act, and similar legislation (S. 509) in the Senate. Both would raise the 12.25% of assets MBL cap to 27.5%.