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With the current banking landscape being fiercely competitive, credit unions must find ways to attract new members and fortify their deposit base with a steady flow of funding. For credit unions, small business lending is attractive as a potential avenue for growth.
The United States is currently home to over 33 million small businesses, according tto the U.S. Chamber of Commerce, which account for nearly 99.9% of all businesses in this country. Of these, boomers and Gen Xers own around 85% of them. Not coincidentally, these two groups comprise a large portion of credit union membership bases, suggesting a considerable overlap between credit union members and small business proprietors.
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