LAS VEGAS (5/7/09)--Credit unions with strong member business lending programs will be the industry's leaders of the future, according to Kent Moon, president/CEO of Member Business Lending LLC.
Moon spoke to attendees of the 2009 National Association of Credit Union Service Organizations (NACUSO) Annual Meeting in Las Vegas Monday. Moon, a former Small Business Administration (SBA) official, noted that if credit unions do not take advantage of the new opportunities presented to them under a new presidential administration, they will miss a "period of tremendous growth."
Moon also noted the impact that President Barack Obama's stimulus plan will have on credit union member business lending programs.
"The temporary elimination of borrower fees has made the SBA programs increasingly attractive to borrowers. And with the 90% guaranty, cap issues have virtually been eliminated," Moon said.
He also provided a "reality check." SBA 7(a) loan product is down about 56% compared with this time last year, yet total volume is up 24% compared with 2000, Moon said.
courtesy of cuna.org