This is a series of stories highlighting credit unions making small business loans in Missouri and the need for S. 2231, the Credit Union Small Business Jobs Act.
In 1951, Assumption Parish parishioners saw the need for a source of funds to meet their lending needs. As a conservative group, they wanted to make sure the money was safe and that they could get a fair return. They made the decision to form a credit union where they could pool their funds and use these funds to make loans to fellow parishioners.
Over the years, the field of membership for Southpointe Credit Union has expanded to serve individuals who live or work in St. Louis, Jefferson and Franklin Counties. However, the same conservative approach to meeting the needs of its members has not changed. What have changed are the members’ needs. With more members becoming small business owners, the need for Southpointe Credit Union to provide these members with a source of lending has become a priority.
Here are some small business owners that Southpointe Credit Union has been able to help:
Donald and Barbara “Kelly” Caton began buying, rehabbing and selling residential properties in 2005 through their company, Caton Construction, LLC. In 2009, the Catons made the decision to start holding onto a few homes and rent them out. However, it was very difficult to find a financial institution that would loan them the necessary money to purchase the rental properties. That is when Southpointe Credit Union stepped in to help them out.
“The credit union made the whole loan process very simple and quick,” states Kelly. “Thanks to Southpointe, we have been able to keep our two full-time employees working during this difficult economic time. I would recommend that small business owners look to a credit union when they have financial needs.”
Paul Brotcke joined Southpointe Credit Union 13 years ago, and has been able to count on the credit union’s help for small business loans ever since. He owns and operates Brotcke Well & Pump (BWP), which has provided professional water well and pump services to municipal, industrial and commercial clients for 30 years in the greater St. Louis region.
“I am very satisfied with the service I receive from Southpointe Credit Union, “says Paul. “They have been very accommodating and helpful with my small business needs. Their rates are always very competitive.”
Paul sees a need for S. 2231, the Credit Union Small Business Jobs Act, and more opportunities for small businesses to obtain loans from credit unions.
“I am aware of the battle credit unions are facing to raise the percentage limit they can make in business loans,” says Paul. “I would hate to lose the ability to get my loans through my credit union just because of some arbitrary percentage that bankers don’t want to see raised.”
Credit unions in the St. Louis Chapter: Make contacts by phone, by email, and/or in person, highlighting the small business lending efforts and asking for support of S. 2231, the Credit Union Small Business Jobs Act.
• Grassroots Action Center (please be sure to register BEFORE writing your email)
• Credit union presidents and small business owners are encouraged to make contacts directly to McCaskill and Blunt key staff members