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Credit Unions: Do credit unions provide business loans?

According to the Credit Union National Association (NCUA), in recent years there has been a noticeable trend of credit unions lending money to credit union members for business. Some of these credit unions have already lent billions in business loans. The size of an average loan of this type is approximately $200,000. It appears that this trend will continue since credit unions seem willing to lend more. In some cases credit unions have even gone as far as creating new divisions specifically to work with small business owners.

It seems possible that credit unions may become one of the first places that entrepreneurs go to when they need funding for a business. If you haven't ever belonged to a credit union before, now might be a good time to consider becoming a member. Credit unions usually offer low interest rates and have low fees or penalties when compared to banks. Belonging to a credit union now and maintaining that relationship could assist you in getting the money you need for business in the future.

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