Business loans are a natural choice for credit unions' survival given their close relationships with members and community ties. And more Americans are starting small businesses.
Business owners typically don't look to credit unions for their financial needs. Executives often tell me that nobody is coming to their credit unions for business loans. When asked what they are doing to let members know about their program, they reply: statement stuffers. This doesn't cut it. You have to hustle for the business, something credit unions are often reluctant to do.
Within two miles of most branches there are 1,800 businesses with $80 million in deposits and $130 million in loan needs. Understanding the mindset of an entrepreneur—a risk taker—is essential. Running a business in good times is easy, but managing a business during a recession isn't for the timid.
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