Amid reports of sluggish job creation, some credit unions are still helping small businesses grow.
The $1.8 billion Veridian Credit Union in Waterloo, Iowa was featured in a USA Today article for coming to the aid of the owner of a medical supply firm that was turned down by a bank. The cooperative offered a $25,000 line of credit that helped the owner deliver on several big jobs.
John Poley, head of commercial lending at Veridian, said the credit union's business lending was up 80% from 2009 to 2010 by providing loans to mom-and-pop start-ups, manufacturing, industrial and real estate firms.
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