Between March 2011 and March 2012, credit unions in Oregon and Washington grew their business lending by 9% to nearly $2.5 billion.
According to the Northwest Credit Union Association, Oregon increased its business loans to $957 million while Washington expanded to $1.54 billion during the period tracked.
“Northwest credit unions anticipated the increased regional need for business lending in 2009 and stepped up to the regulatory requirements through education and expertise to guarantee that this type of lending is done in a safe and sound manner that is also friendly to small-business-owning members,” John Annaloro, CEO of the NWCUA, said in a statement.
The association said if the current 12.25% member business lending cap was lifted, more than $848 million in loans and 9,400 more jobs would be available in the Northwest.
While the average size of a credit union MBL in the Northwest is $264,000, loans as small as $5,000 or less are available at 99 Oregon and Washington credit unions through their MBL programs, according to the NWCUA.