Need Capital? Look to Credit Unions for Funding.

Finally, some good news! I just read an article in the WSJ about how small businesses are finding new sources of funding in credit unions. Jillian Mincer writes about how credit unions were not invovled in the sub-prime mortgage mess and, therefore, are not suffering from exobitant losses like their bank counterparts. So they are more willing and able to loan money to small businesses.

Mincer writes, “About 27% of the 8,147 credit unions in the US offer business loans…The amount of business loans was up 18% las year to almost $33 billion from nearly $28 billion in 2007. The average loan size is about $215,000.”

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2 Responses

  1. That is great news for small business and entrepreneurs!

  2. Isn’t it, though? I’m hoping to see more press on this one as 2009 progresses. I’m sure credit unions are still cautious like their bank counterparts, but hopefully they prove to be more of a wellspring of opportunity for entrepreneurs. Thanks for the comment, Chris!

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