Tuesday's Washington Post profiled Mid-Atlantic Financial Partners, a business lending CUSO operating out of the DC Metro Area.
Tuesday's Washington Post profiled Mid-Atlantic Financial Partners, a business lending CUSO operating out of the DC Metro Area. The focus of the piece, though, was not on the underlying businesses served by Mid-Atlantic, but on credit union business lending as a whole.
The article continues with a trend of positive media attention on credit unions helping their local communities (CNBC, CBS). Almost all small businesses themselves, credit unions and their subsidiaries like Mid-Atlantic Financial Partners, have extended financing to local businesses in need of capital, deposit services, and long-term asset acquisition funding. The writer did manage to pull in some opposition quotes in the second half, including Ed Yingling, president of the American Bankers Association.
With most government efforts suspended this week due to extreme snowfall in the nation's capital, it may be weeks before the conversation turns back to the resources available to local communities and the small businesses that inhabit them. Steve Smits, one of the CUSO's employees and a former banker himself, said, "There is an untapped resource, and it's credit unions."??
I will be covering http://www.creditunions.com/cutv/webplate.aspx?eventid=577 in two weeks with our speakers discussing how they are reaching out to area businesses left in the dark by community banks.