Written by:
Jim Nussle
President & CEO
Credit Union National Association (CUNA)
Did you know credit unions loaned member businesses $11.4 billion in the first half of 2016? (Well, now you do.) Credit Unions and small businesses fit together like a hand in a glove. We both squarely represent and serve Main Street America. As president and CEO of CUNA, representing America’s credit unions, that is one of the many things of which I am very proud.
When consumers frequent their local small businesses, they essentially give money back to their local communities. I encourage everyone to take a close look at your holiday gift lists or your end-of-year needs or wants, and put a plan into action on how you can support your community’s small businesses on Nov. 26, Small Business Saturday, and every day.
This country has more than 29 million small businesses and these locally based entrepreneurs employ more than half of the private work sector in the U.S. They create around 70% of new jobs and contribute to their communities by bringing growth and innovation.
Credit unions have been lending to small businesses for more than 100 years and even during the economic downturn were steadfast in providing badly needed credit to these vital operations. Credit unions’ prudent lending to small businesses grew by 45% during the recession, while bank business offering contracted by 15% during that time.
We look forward to a new rules on member business lending, regulatory reform we’ve fought for that will help credit unions help more small businesses across the country starting Jan. 1. Credit unions will be able to be an even greater resource for small businesses and the communities they serve.
