BCU plans can take credit
NORTH Coast-based credit union BCU is making waves in the national business lending market after scooping the poll for their loan products.
BCU was the only lender in Australia to earn five-star ratings across all four business lending categories in a market study by independent organisation Cannex.
The accolades have put the spotlight on BCU after it trumped major national and international banks.
Lending manager at BCU's Grafton branch, Terry Marsh, said the credit was long overdue.
"People look at credit unions and think I'll get a car loan, but they don't recognise we are front-line commercial lenders," he said.
"We've developed a niche market and our products are competitive, yet they're very simple."
The BCU has five branches in the Clarence Valley, employing as many as 45 staff.
BCU general marketing manager Gillian French said the organisation was unaware it had performed so well.
"Someone rang and told us we had five-star ratings for every business loan and that we were the only business to take out all categories," Ms French said.
"We've had articles in the Financial Review, Sydney Morning Herald and Daily Telegraph warning the bigger banks to watch out."
The credit union also provides banking services.
It was started on the North Coast by banana growers who decided to establish their own lending service.