DURHAM, N.C. (3/25/13)--Two North Carolina credit unions provided member business loans (MBL) to local entrepreneur Michael Lloyd to help get his small business off the ground and parlay his family's recipe for a sauce into a mass-produced condiment.
In 2010, Self-Help FCU in Durham N.C., with $580 million is assets, loaned Lloyd $10,000 for equipment and marketing for his company (newsobserver.com March 18).
Then in 2011, the Durham-based Generations Community CU, with $23 million in assets, approved a $15,000 loan to help Lloyd increase the production of his sauce to two 60-gallon batches per month, from three 20-gallon batches per month, the newspaper said.
Lloyd, who is working toward his doctorate in food and nutritional sciences at North Carolina State University, is continuing to grow his business, which now sells sauces and mustards in 24 stores--primarily located in North Carolina and South Carolina.
Down the road, Lloyd hopes to market his Num Num brand, which has low sodium and no gluten, to schools as a substitute for high-sodium condiments. He also hopes to hire interns to educate the public about the benefits of a low-sodium condiment, the paper said.
Credit unions want to do more to assist such entrepreneurs to start up and grow their small businesses. That's why the Credit Union National Association and credit unions supported legislation reintroduced in Congress last month to raise credit unions' MBL cap to 27.5% of total assets, up from 12.25%. Doing so would generate $14.5 billion available for MBLs--and increase jobs by 158,000 in the first year without costing the taxpayer, according to new statistics from CUNA.
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