ST. PAUL, Minn. (9/12/14)--Business lending is thriving at credit unions in Minnesota, posting a 14.4% annual improvement in business loan growth for the second quarter, according to numbers released by the National Credit Union Administration (NCUA) in its quarterly data review this week.
Minnesota credit unions also beat the national average for business lending of 12%.
"Credit unions are more willing to make smaller loans that help businesses get off the ground," said Minnesota Credit Union Network (MnCUN) President/CEO Mark D. Cummins. "With these loans, Minnesota credit unions are helping not only businesses, but also families and communities (to) grow."
The credit union movement in Minnesota also experienced rising levels of membership growth in the second quarter, climbing by nearly 10,000 to reach a new state high of 1,636,000.
Credit unions in the state have seen positive membership growth since 2011 and steady asset growth each year since 2007, according to MnCUN.
Nationally, overall median growth rates for assets and shares slowed year-over-year, according to the NCUA's numbers, while national membership growth climbed in the quarter (News Now Sept. 10).
In Minnesota, credit unions witnessed dropping levels of delinquent loans in the second quarter, decreasing 5% from the same time last year.
Delinquencies remained steady throughout the country, according to the NCUA.
"Minnesota consumers and businesses are feeling more confident about their long-term financial picture," Cummins said. "And they're continuing to choose credit unions because they are trusted, locally owned financial partners."