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Credit unions to receive Friend of Small Business Award

 

Pewaukee, Wis. - Wisconsin credit unions will be honored with a Friend of Small Business Award from Wisconsin Business Development, a not-for-profit economic development organization that helps small businesses gain access to capital to grow jobs, businesses and communities. The accolade will be presented at the third annual Friends of Small Business luncheon in Madison December 4.

 

Additional resources


View the PDF version of the Scorecard

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Media contact

 

Christine Henzig
Director of Communications
(262) 408-6019
chenzig@theleague.coop

 

"Credit unions take very seriously their role in strengthening Wisconsin through their support of small businesses," said Brett Thompson, President & CEO of the Wisconsin Credit Union League. "With a majority of Americans employed by small businesses, credit unions recognize that the loans, lines of credit, checking and other financial services they provide to small businesses fuel the economic engine of our state, helping Wisconsin workers, families and communities thrive."

 

"Credit unions are not-for-profit cooperatives that serve only their member-owners instead of shareholders," Thompson added. "During the past several years, this unique ownership distinction that puts people before profits has meant the difference between extinction and survival for countless Wisconsin businesses."

 

Credit unions, which have been making business loans for more than 100 years in the U.S., hold $2.5 billion in loans to Wisconsin’s small businesses, with an average loan size of around $180,000. Although credit unions account for a mere 6.2% of the business lending market of Wisconsin-based financial institutions, their role has increased in importance in recent years as small businesses have found it more challenging to access needed credit.

 


Credit unions are cooperative financial institutions that are owned by their members and do not have stockholders. Because they are not-for-profit, they return earnings to members via more competitive rates of return on accounts, lower interest on loans, lower fees and improved services. The REAL Solutions Scorecard, at www.theleague.coop/scorecard, explains how Wisconsin credit unions serve their communities and how they've saved their members more than $1 billion since the start of the recession. Around 2.4 million Wisconsin residents belong to credit unions, of which nearly half are open to the local community. Find a credit union to join by visiting www.aSmarterChoice.org.

 

 

 

 

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