Notre Dame Federal Credit Union in Notre Dame, Ind. said late last week that it raised $12 million from a new fund created to provide secondary capital to credit unions. It comes a month after a similar move by Jefferson Financial Federal Credit Union.
Jefferson Financial Credit Union in Louisiana struck a deal to bring in $12 million in secondary capital, which is believed to be the biggest haul to date for a credit union. Will it embolden other CUs to pursue similar fundraising efforts?
Efforts to make it easier for small businesses to apply for SBA loans, coupled with key community banks' outreach initiatives, contributed to the third consecutive record for 7(a) lending, but credit union participation is still lagging.