Minn CUs report business and auto lending growth

ST. PAUL, MN (March 27, 2015) — Led by growth in auto lending and member business lending, 2014 was a measurable success for Minnesota credit unions, the Minnesota Credit Union Network (MnCUN) reported.

Member business lending grew 12.9% between year-end of 2013 and 2014, outpacing the national result of 12.4%, according to final data reported by the National Credit Union Administration (NCUA). In addition, auto lending–for both new and used vehicles–was also strong with growth rates of 12.8% and 6.5% respectively over the same time period.

“The continuing strong growth we’re seeing in business and auto lending is a very encouraging sign–both for Minnesota credit unions and our state’s economy,” said Mark Cummins, MnCUN president/CEO. “These loans are helping Minnesota businesses, consumers and communities thrive over the long term.”

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