Credit unions in New York originated $695 million in businessloans during the first three months of 2012.
|Overall, business loans increased 14.6% during that timeperiod.
|“As the numbers show, New York's credit unions have been doing agreat job of working with small businesses to get them the loansthey need–especially at a time when the financial crisis of thepast few years has resulted in a reduction of available businesscredit from traditional banking outlets,” said William Mellin, president/CEO of the Credit Union Associationof New York, in a statement.
|One of New York's largest cooperatives, the $4.7 billionBethpage Federal Credit Union, recently surveyed more than 600Long Island businesses to gauge their financial needs. While only6% of businesses said they used a credit union as a source offinance, 43% said they would likely borrow money from them ifCongress were to raise the amount that credit unions can lend tosmall businesses, the data showed.
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