Credit unions provided more than $3.2 billion in small business loans to Wisconsin residents, according to the newly released Scorecard from the Wisconsin Credit Union League (WCUL).
The Scorecard details credit unions’ economic impact on 2.9 million Wisconsin citizens and communities through the league’s REAL Solutions program--a full range of services that credit unions offer voluntarily and without regard for profit to deliver needed help.
Credit unions “put people before profit and provide solutions that benefit individuals and families, nearby schools, small businesses and other community organizations,” said Brett Thompson, WCUL president/CEO.
The report cites credit unions’ 10-year trend in loan and deposit growth while saving Wisconsin citizens $137 million in 2016 through lower interest on loans, higher interest on savings, and lower and fewer fees.
Thompson noted that Wisconsin is home to credit unions’ national and international trade associations (CUNA and the World Council of Credit Unions), national charitable foundation (National Credit Union Foundation) and an independent think tank (Filene Research Institute).
Among the financial highlights of the report:
“We’re proud of what we accomplished,” Thompson said.
Also, the report notes that since the start of the recession in 2007, credit unions have returned more than $1.5 billion to the pockets of state citizens.