Credit unions looking to diversify business lending and expand deposit programs
PORTLAND, OR (August 12, 2016) — A poll conducted by CU Business Group indicates that credit unions are looking to expand and diversify in business services. The poll was taken at CUBG’s national conference in Portland this week with responses from some of the 150 attendees.
The poll asked credit unions “What is your credit union’s #1 growth strategy for business services?”
While 54% of credit unions stated that growing commercial real estate lending remains a major focus, the poll also indicated that more emphasis is now being given to loans for business operations (commercial & industrial), at 19%, and full service deposit relationships (growing core deposits) at 15%.
“Based on my experience, most credit unions have had an almost exclusive focus on CRE lending in the past,” said CUBG President/CEO Larry Middleman. “The fact that only half of credit union respondents are now focusing on CRE tells me there is now more desire to diversify lending and expand deposit programs.”
To further test the direction of the industry, CUBG will take the same poll at its east coast conference coming up in September.
About CU Business Group, LLC
CU Business Group, LLC provides business lending, deposit, and consulting services to credit unions nationwide. Based in Portland, Ore., CUBG delivers products and technical expertise to credit unions with advanced business programs, and all the basics for those just starting out. With the acquisition of MBL, CUBG now has a staff of 62 business services professionals and is the largest business services CUSO in the industry, serving well over 600 credit unions in 48 states. www.cubg.org
