With more than $2 billion in member business loans reviewed, CU Business Group LLC said it has reached another milestone.
The Portland, Ore.-based CUSO recently compiled industry business loan quality data from the June 30 NCUA and FDIC reports. The data showed delinquencies of 5.32% for all banks and 5.59% for banks with less than $1 billion in assets as compared with 4.23% for all credit unions. Net charge-offs for all banks were 0.76% and 0.43% for banks with less than $1 billion in assets. For credit unions, charge-offs were 0.38%.
“With banks tightening their belts, credit unions are seeing increased volumes in business loan applications, which means a lot of new opportunities,” said Larry Middleman, president/CEO of CUBG.
Launched in 2002, the business lending CUSO currently works with 315 credit unions in 40 states.