Small Business
Credit unions are better for small businesses across Illinois as they expand loan opportunities and empower job growth and foster economic development at all levels.
Small Business Community Story
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc dolor risus, viverra a volutpat in, ultricies nec mauris. Ut hendrerit vulputate dictum. Proin scelerisque semper dapibus. Fusce enim eros, porta dignissim mollis sit amet, pellentesque a lorem.
Sed ut sapien ligula. Nullam rutrum enim turpis, vel elementum felis egestas eget. Ut hendrerit vulputate dictum.
-
Rudy F KCTCU -
Jeff L 1st MidAmerica CU
Filling the Gap for Small Business
At the heart of Illinois is the small businesses and entrepreneurs that sustain the local economy. In large, small businesses employ about half of all private-sector employees and accounted for two-thirds of net new job creation between 2000 and 2017.
Because credit unions are member-owned and not-for-profit, they know their members and their communities in ways other lenders don’t—creating opportunities for entrepreneurs of all stripes seeking to start or grow a business.
Credit unions have extended business loans to their members for over a century. Since the very beginning, they provided capital to businesses without any restrictions – until banking lobbyists pressured Congress into saddling credit unions with an artificial cap on business lending of 12.25% of assets in 1998, severely limiting their ability to help provide capital to small businesses that desperately need assistance.
Illinois credit unions provide countless small business loans to their members. But regulatory burdens are holding credit unions back from doing more to help the local economy.
Advancing Illinois's Small Businesses through:
