Wisconsin credit unions serve Main Street members
Wisconsin credit unions take pride in supporting and investing in local business. With International Credit Union Day quickly approaching on October 17th, it is a great time to celebrate how credit unions have supported small business growth and development in their communities for 80 years!
Did you know that Wisconsin credit unions:
Wisconsin credit unions increased business loans by 55% since the start of recession in December 2007, and the requests for loans keep coming. During the same time, Wisconsin banks' business loans have decreased by 2%.
Wisconsin credit unions have $2,407,374,840 in outstanding loans to small businesses. The first credit union chartered in Wisconsin provided business loans and 83 credit unions continue to do so today.
The average credit union business loan is $176,701. Many banks shun loans of this amount, whereas credit unions are ready, willing and able to help small businesses expand, hire and grow.
Being a go-to resource for members, not stockholders, is fundamental to credit unions. Their not-for-profit structure allows credit unions to give back in the form of lower interest on loans, lower or fewer fees and improved services.
Even with significant growth in business lending, Wisconsin credit unions currently hold just 6.1% of the business lending market of Wisconsin-based financial institutions. An arbitrary federal limit on credit unions' business loans, set at 12.25% of total assets, is preventing needed loans from reaching creditworthy businesses. However, there is broad support, from a diverse group, for raising the cap and the benefits of doing so are easy to see:
First-year benefits of increasing credit unions' business lending cap
More resources from The League
View our Scorecard, which details how credit unions deliver value to their members