ST. CLOUD, Minn. — Credit unions are on track to grow member business lending 20% by the end of the year.
According to Wolters Kluwer Financial Services using NCUA data, the number of credit unions with member business loans increased from 1,617 in 2002 to 1,930 by mid 2007. The interesting twist is while the total number of credit unions has dropped from 9,809 to 8,410 for that same time period, the number of credit unions offering business lending programs has increased to 23% from 16%.
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