Business lending has been growing for a while at credit unions,but at the Tukwila, Wash.-based Boeing Employees Credit Union, it'sbooming. And it has made it happen largely by tackling a limitationcommon among credit unions when it comes to business lending:Fear.
Business lending at credit unions has been growing by doubledigits annually since 2013, according to the latest data from theNCUA. A little more than 36% of all credit unions now offerbusiness loans, up from about 29% in 2009, and 7.4% of all creditunion loans are now business loans.
But for many credit unions, business loans are still arelatively untapped resource. Of the credit unions that offerbusiness loans, just 0.3% of members get them – a rate that hasn'tchanged for at least the last six years.
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