While the degree of optimism varies, a sampling of perspectives from business lending CUSOs suggests an economic upturn may be underway.
One sign of how widespread member business lending has become can be seen from figures provided by the Regional CUSO Alliance, which is a collaboration of business lending CUSOs. The group represents 16 regional business lending CUSOs involving 330 credit unions and an aggregate loan portfolio of $2.5 billion.Perhaps the most bullish outlook comes from Community Business Lenders in Des Moines, Iowa. Open to all Iowa credit unions, the CUSO is owned by the Iowa Credit Union League and the $335 million Community Choice Credit Union in Johnston and $139 million Members 1st Community Credit Union in Marshalltown.
Mark Kilian, CBL CEO, said there has been a resurgence of activity. For one thing, a number of banks slammed the door on business lending, forcing small business owners to find new relationships in order to maintain capital.
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