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Small-biz-loan demand up Schenk tells CNBC
NEW YORK (7/30/09)--The demand for credit union small business loans is up, a Credit Union National Association (CUNA) economist told CNBC. Mike Schenk, CUNA senior economist, told the network Tuesday that demand for small business loans at credit unions has increased 6% compared with commercial banks. CNBC also mentioned a small business owner who received a loan from a credit union at 0% interest. CUNA provided the news outlet with information that led to the interview. The loan will save business owner Harley Nobli $22,000 in interest per year. “The credit union was able to loan the money when the community and commercial banks were not,” Nobli said. CUNA has said that an increase in credit unions’ member business lending cap--currently at 12.25%--could help the country's economic recovery by providing small businesses with more of the credit they need.
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