Last updated on June 7th, 2022 at 12:43 am
Wisconsin credit unions have increased small business lending by more than 51 percent since 2007, according to a report by the Wisconsin Credit Union League. At the same time, Wisconsin banks increased business lending by 4.4 percent.
Credit unions increased member business loans from $1.5 billion to $2.3 billion, while banks increased business loans from $29.6 billion to $30.9 billion.
The report, REAL Solutions Scorecard for Wisconsin Credit Unions, said credit unions’ increase in business lending came at a time when banks were not making enough business credit available.
Reports from the National Credit Union Administration and Federal Deposit Insurance Corporation for institutions chartered in Wisconsin were used to compile the figures, said Credit Union National Association spokesman Paul Ledin. Business loans with credit union rates can be commercial real estate, commercial and industrial, farm and farmland loans.
Wisconsin has 211 credit unions, which are owned by 2.2 million members, the Scorecard said.
The report also detailed credit unions’ efforts in financial education, community support, mortgage services, consumer lending and other financial services compared to banks and payday lenders.