Changes Proposed To Commercial Lending For Incorporated Credit Unions

The Canadian Press, 21 Sep, 2017 01:47 PM

Finance Minister Carole Jameshas announced changes to make commercial lending more viable for B.C.'s incorporated credit unions.

James says the government is reducing the amount of capital a B.C.-based credit union must hold in relation to commercial loans and leases.

She says the change brings B.C. in line with capital requirements in other provinces and allows credit unions to continue to provide affordable financing and banking services to small business owners.

James adds the increase to the commercial lending cap will also provide a boost for rural communities because credit unions are often the only option available in those areas.

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