Michael Hales, president/CEO of a new business services CUSO, joins SBA Administrator Karen Mills and others who strongly believe that an economic recovery is closely tied to bolstering small businesses.
"I still think business services are the way out of this mess," Hales said of the nation's lukewarm economy. "There are 5,000 credit unions that don't generate business loans."
Hales, a former partner with consulting firm The Rochdale Group, recently helped launch Small Business America LLC, a CUSO that connects credit unions, service providers and small business owners with lending and business services.
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Hales joins a growing chorus of leaders in the industry encouraging credit unions and CUSOs to make their presence known among frustrated bank customers and small business owners. The economy's recovery is hinged on connecting with the small business market, said Hales, who has more than 35 years experience in the commercial lending field.
"There are 26 million of [small businesses] out there. Banks are not lending and those that are, are dribbling back in," said Hales, who has helped credit unions launch more than a dozen CUSOs. "Most small businesses don't know they can join a credit union. I need to do all that I can to change the notion that credit unions are a best-kept secret."
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