MADISON, Wis. — The CUNA Operations, Sales and Service Council has released a new white paper titled Taking Care of Business Members.
Authored by Karen Bankston, the white paper explores successful strategies employed by credit unions just getting started in business services including overcoming challenges involving staffing and training, technology, competitive positioning and regulations; and in making the most of opportunities presented by business services.
The CUNA Lending Council's latest white paper is Microlending and Credit Unions. The report discusses how to reach the estimated 20 million or more microenterprises operating in the United States–many of which are underserved in terms of loans and technical assistance, according to the council. In this paper, microlending is defined as the granting of small loans between $500 and $35,000 to small and micro businesses with five or fewer employees.
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The paper studies the advantages of microlending, the issues underlining development of a microlending initiative, and factors contributing to the rapid growth of microenterprise and the changing nature of today's microentrepreneurs. Case studies from four credit unions that have implemented microlending programs are also highlighted.
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