Nov. 16, 2015


Comments

 
 
 
  • We have also been offering business loans here at Directions Credit Union for about the same time. I agree with everything that 1st Mid America has said in this article. I can't emphasize enough the importance of knowing your business member and knowing the industry. If you don't understand it, don't do it. We currently are considering SBA loans and whether we should do them in house or use a third party vendor. Thanks for sharing!
    Patricia DeCesare
     
     
     
  • It sounds like 1st MidAmerica has a good program. It is certainly important to know your member. You mention how hard it is for Management to understand. I think all CU's go through that. A good way to get your Management comfortable is to have annual reviews of the loans performed by an outside independent reviewer. Annual reviews are not only encouraged by NCUA, but the give comfort to your Management that you are not taking on undue risk and all the little details of lending are covered.
    Carol Wakefield
     
     
     
 
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