TALLAHASSEE, Fla.–There isn't a better way to drive the bottom line today than member business lending, as long as you do it carefully and with the right resources, advised Jim Park.
Noting the troubles at Telesis Community CU in Chatsworth, Calif., Park, president of CU24, said it's still important to stress the benefits to CUs and the economy that member business lending can bring. "The success stories from credit unions I hear, even from small credit unions in small markets, have been phenomenal. For example, I know one Florida CU that is one-eighth the size of the largest credit union in the market and they are doing more member business lending than anyone else in their area. But now they are capped out."
Park believes Washington will raise the MBL cap, and that positive vote, he predicted, will come soon. "The House is ready to go and we are just waiting for the Senate."
Park encouraged credit unions to begin now to locate the skill sets they need either to enter or expand MBL efforts. "If the credit union does not have the expertise in-house, they need to begin moving now. The time is right. Go back in credit union history and our mission was to help small farmers and other small companies get off the ground. There is great reward in doing that, and our economy needs the help."
