Thanks to a quarter-over-quarter increase of more than $44.62 million in member business loans, credit unions in Washington and Oregon are helping more small businesses.
In both states, MBLs now total nearly $2.41 billion, according to the Northwest Credit Union Association, citing data from the most recent NCUA Financial Progress Report.
Troy Stang, NWCUA president, said members who own small businesses have received safe, affordable and dependable financing from their credit unions for decades, in good times and bad.
Business loans are not the only areas of growth in the Northwest. Members' savings grew an average 4.85% or 4.9% in Oregon and 4.8% in Washington quarter over quarter from Dec. 31, 2011 to March 31 to nearly $43.38 billion.
Membership in Oregon and Washington is also up at a collective total of 4.2 million. While the numbers were up during the first quarter, they are less than the record numbers posted during Bank Transfer Day season last year, according to the NWCUA. Oregon credit union membership grew by 11,172 members while Washington added 34,437 members.
NWCUA CEO John Annaloro said the overall growth of credit unions may help Congress realize that the cooperatives are increasingly becoming the entrepreneur's choice for small-business financing.
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