Big California credit union partners with local community partnership group to offer microloans to Sonoma County businesses.
As the economy grows, so does market for more and greater diversity of loans, CUNA Mutual leding SVP tells online conferees.
The first loan participation Pen Air Federal Credit Union was involved in teamed the cooperative up with a regional bank.
A Sept. 11, 2013, story in Credit Union Times (Small Business Owners’ Plea to Credit Unions: Earn My Business) reported on a focus group of small business owners, who generally concluded that credit unions are having a hard time serving their needs compared to banks.
A credit union helped a small-time baker grow from delivering home-baked goods to parties and weddings to placing Bundt cakes on regional grocery store chain shelves with a microloan of less than $50,000.
Consumers have returned to payment patterns that were typical before the Great Recession, according to one of the three nationwide credit reporting bureaus.
Omaha, Seattle, Milwaukee also among national leaders in businesses paying bills on time.
Return to pre-recession payment pattern noted by credit bureau.
With the effective date of the revised loan participation rule less than one week away, credit unions and CUSOs have taken another look at their lending programs to see if any adjustments need to be made.
Personal loans still offer niche, participants say, and a way to serve members while competing with payday lenders.