We've all heard about how tight credit is during the current economic situation and while this doesn't cause problems for many small businesses, it can have a dramatic impact on the one ones that do need a business loan. Now comes an interesting article that describes how credit unions are increasing their number of business loans while banks are decreasing their loans.
The article gives several examples where credit unions provided loans with a longer term and at a better interest rate than banks offered. Talk about a better situation with credit unions over banks, the loans are easier to get, are longer term, and have a better interest rate. So how are credit unions able to do this? The article describes how they don't have to worry about increasing quarterly profits for shareholders, so this allows them more flexibility in their business loans.
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