Ohio business owners in need of loans could have more opportunities at their disposal courtesy of local credit unions. As the Ohio Credit Union League reports, the number of loans begun by the midway point this year is $37 million higher than the rate from last year. Business loans averaged more than $116,000, and the growth seems to have affected other areas as well.
Back in January, the same source reported that Ohio credit unions had a year-to-date revenue of $864 million, with loan income at $544 million. A representative from this organization told Columbus Business First that multiple types of business loans are seeing improvements in the state.
Other types of loans are also seeing greater dispensation. The same January release noted that consumer loans, including those for cars and credits cards, saw other gains. The Ohio mortgage portfolio also grew by 4.6 percent.
The president of the League, Paul Mercer, described the versatility of local credit unions in that statement, noting the many applications they can have in everyday life.
"Credit unions offer a wide range of lending options to help Ohioans in all stages of life." he said. "Whether it's a small dollar loan to help you get by until the next paycheck or your first mortgages, credit unions have innovative and progressive products for your everyday needs."
Finding the perfect loan for your business can require a business loan broker that knows the right financial resources for specific situations. These statistics show a possible vitality for local businesses that want to continue developing in the coming year.