The pace of small business growth has been unprecedented over the past few years. Small businesses employ nearly half of the U.S. private payroll, accounting for nearly two-thirds of job growth since 1993.
Credit union CEOs and boards not offering business services currently are evaluating the opportunity to serve these members as part of their strategic planning. The opportunities for profitable growth from offering small business services are generally outstanding, as these members tend to be the most loyal and profitable to the credit union.
Loan Growth—In addition to contributing to the credit union's balance sheet growth and profitability, business loans enable the credit union to have a more diversified loan portfolio. This can improve profits and lower risk in the long term.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
