Entrepreneurs Rising: Small Businesses Supported by Local CUs
By Bill Prichard
It is more than likely that every small business or budding entrepreneur will need financial help at some point in its life. Credit unions are not only becoming an increasingly important lending resource, they also provide other forms of support that can help businesses expand and ease entrepreneurs along their road to success.
Credit union business member lending continues to be a fast-growing segment of the industry, growing ten percent in 2013 with an average loan size of $217,000 according to Patrick Keefe, sr. vice president of communications for the Credit Union National Association (CUNA) in Washington, DC.
Credit Unions Stepping Up
Bethpage Federal Credit Union, New York State’s largest credit union, recently announced the formation of a new division to work with local businesses in Nassau and Suffolk counties to help businesses achieve their financial goals, according to Kirk Kordeleski, President and CEO of Bethpage. Called the Bethpage Business Banking Group, the new entity is comprised of three teams of experts with broad-based experience in commercial lending and cash management solutions.
The teams will work in Bethpage branches throughout Long Island to educate business members about the credit union’s loan and cash management services and will focus on several key vertical business segments including healthcare/medical, professional services, wholesalers and distributors, and not-for-profit organizations. Bethpage’s business banking portfolio currently includes more than 5,000 existing business accounts with $230 million in deposits.