Improving people’s financial well-being takes creativity, commitment and a culture of service. These are the stories of credit unions and how they are putting people’s financial well-being at the center of their strategy. Shared with you, our credit union family, to inspire you and give you the tools to navigate to the next stop on your own financial well-being journey.
In the tenth episode of our Foundation Field Notes video series, Foundation Executive Director Gigi Hyland meets with Larry Middleman, President/CEO of CU Business Group, and Mark Ritter, CEO of MBFS, to discuss how business lending has shifted during the pandemic and how credit unions can help. Things have changed dramatically over the past year for small businesses and it’s important for credit unions to keep that in mind when assisting their members and meeting them where they are to help them achieve their goals.
Foundation Field Notes Episode 10: Small Business Lending During the Pandemic
Here are the three main takeaways from the interview:
- Business lending has had to shift to looking at businesses today and how they’ve operated during the pandemic vs looking back at financials for the past few years when giving out loans.
- Education on small business operations is just as important for credit unions and their staff as it is for the small business owners.
- Understand your goals and niches and figure out where you can outdo the banks and competition to meet the needs of your members and community.