Real Estate

Why millions of Americans are now tapping credit unions for loans

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When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. 

Many Americans sought out loans in the past year, and Fort said he chose the credit union over a bank “based on the more personal feeling relationship.” Though he previously had bank relationships, he moved his accounts to the credit union, and in the end, the $55,000 PPP loan helped his business, Fortified Coatings, retain its five full-time employees and keep 14 additional contract workers as business revved up in the summer.  

It’s not surprising that many Americans have received loans in the past year…



Source cnbc.com

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