Small Business Finding It Harder to Get Credit

Joyce M. Rosenberg, in a September 30, 2019 article in apnews.com,writes that small businesses are having difficulty expanding their companies because traditional lenders are cutting back on lending.

Credit unions may find this an opportunity to expand lending providing they: (1) carefully track profitability of individual services; (2) price loans based on individual risk; (3) have policies in place to assure compliance with regulations and risk control, and (4) manage the risk in loan portfolios.

TCT’s Vital Signs tool, Risk Based Loan Pricing tool, Regulatory Compliance and Policy Drafting services, and Credit Migration tool are mandatory for credit unions looking to expand into new loan services.