Despite the challenges involved, making microloans can result in big paybacks for credit unions and communities.
$214M Tennessee credit union sets aside $100,000 to fund start-up loans. Launch party for members featured a social media marketing expert.
Big California credit union partners with local community partnership group to offer microloans to Sonoma County businesses.
Choices Federal Credit Union was nervous but interested about offering a microenterprise loan program at the suggestion of a local foundation.