Pennsylvania Credit Union Association

PA Credit Union Association Launches Business Advisory Services

9/19/2006

HARRISBURG–The Association announces its newest product offering, Business Advisory Services (BAS). BAS consists of a suite of educational and consulting programs aimed at assisting credit unions that plan to serve small businesses.

“Throughout Pennsylvania, as well as the mid-Atlantic region, credit unions are expressing a desire to offer small business loans and related services,” said Association President/CEO Jim McCormack of the product launch. “They are looking for a partner to help them make informed business decisions. Our package of training and planning sessions will facilitate a credit union’s entry into the small business market in a safe and sound manner.”

The Association’s BAS includes personal, on-site presentations to help credit unions with the fundamentals of offering business services. The first step in the Association’s program, Offering Business Services: An Honest Opinion, enlightens a credit union’s board and senior management team on:

  • Initial Program Costs and Expenses
  • Revenue Potential
  • Credit Union Cultural Changes
  • Business Lending Skills and Staffing Requirements
  • NCUA Considerations

A credit union that is presently executing or about to start a small business program will find value in BAS. Strategic Planning, Implementation, and Execution of Business Services paves the way for a credit union to develop an immediate core competency in business services. The Association can provide:

  • Market Analysis
  • Staffing Assessment/Requirements/Training
  • Existing Loan Systems Review
  • Third Party Vendor Referrals
  • Data Mining Techniques
  • Sample Marketing Materials
  • Product Development
  • Lending Program Summary
  • Loan Policy Creation
  • Public Relations Seminars
  • Ongoing Operational Support

Molly Snody, Director, Business Advisory Services, drives the Association’s new program. Snody comes to the Association with an extensive background in commercial loan underwriting and operations, in both commercial banking and credit union environments.

I am excited about credit unions reaching out to small businesses,” said Snody. “There is risk there, but credit unions as service oriented cooperatives are just right for small business. I have a real passion for seeing credit unions enter the field and serve the needs of small business in a safe and sound fashion.

The Association has an interest in and participates with business lending CUSOs that operate in Pennsylvania, notably Impel and CU BizSource. “As a trade association, our core competency is education and training,” said McCormack. “Our Business Advisory Services enable us to extend our competency into the small business marketplace. We think our suite of services actually compliments those of Impel and CU BizSource. We cultivate the knowledge base of a credit union, enabling it to turn to Impel or CU BizSource at the appropriate time.”