Lending

A long-time member of Michigan First Credit Union recently became the financial institution's first commercial loan recipient.

Dupaco Community Credit Union recently became the first financial institution in Iowa to approve a Patriot Express loan, the Small Business Administration said.

The Small Business Administration's Gulf Opportunity Pilot Loan program, which provides loans for small businesses impacted by 2005's hurricanes, has topped the $55 million mark.

With the recent release of the 2006 Home Mortgage Disclosure Act data, credit union trade group economists are applauding the fact that credit unions are approving more mortgages to low-income and minority applicants than other lenders.

With Ohio heading the list of states with the highest foreclosures, the $1.26 billion Wright-Patt Credit Union said last week it is pushing ahead with new referral and counseling programs to assist stressed homeowners.

The bread and butter for some credit union business lending programs are tied to unique offerings such as taxicab medallions, crops and agricultural equipment helping to create a "built-in competitive advantage in making these types of loans and unlocking the wealth contained in certain assets," according to a new report.