Small business loan approval rates at banks increased to a record high in January, while credit union MBL approvals fell to an all-time low.
Advocacy group says SBA loans to minorities, women shrink while big banks tighten up on community businesses.
Big bank closes small fry biz accounts in Canada, so British Columbia credit union steps up.
For its Small Business Administration lending efforts, Langley Federal Credit Union said it was recently named the top credit union in loan production for its district.
Virginia credit union does $1.35 million SBA loan volume for fiscal year ended Sept. 30.
CU Business Group session set for Nov. 19.
Industry experts say due diligence can help credit unions avoid losses like those suffered by the $620 million Alabama One Credit Union in Tuscaloosa, Ala., and the Small Business Administration, which were defrauded of more than $3 million by a businessman.
Losses like the $3 million case involving the SBA and Alabama One can be avoided, experts say.
Despite potentially more complications, lengthier time lines and higher risks, more credit unions have begun financing the construction of new homes.
Biz2Credit, a New York company that connects small business with lenders, discovered that scenario during its recent monthly analysis of 1,000 loan applications.