Officials at iQ Credit Union say the opening of a new business services center in Vancouver should send a message loud and clear to the local business community – there is money to lend to businesses.
The center recently opened at 6725 NE 42nd Street in Vancouver, the former home of a Lacamas Credit Union retail branch. A ribbon cutting ceremony took place at the remodeled building on Tuesday.
The business services center will serve as a hub for the credit union’s business lending department. Approximately 11 staffers, including loan officers, credit analysts and loan processors, are employed in the center, which also features a 24/7 drive-up ATM.
The decision to open a new facility that’s solely focused on commercial activity should say a lot about the credit union’s confidence in the market, said Danette LaChapelle, iQ’s senior vice president of marketing.
“Coming out of the recession, people and business were skeptical and it was more difficult [to get a business loan],” she said. “Since then, it has opened up. Many changes have been made and there is money to lend to businesses. This sends a good message to businesses that we are open for business and want to see them.”
“A free-standing business center is unique among credit unions,” added Ed Franks, iQ Credit Union’s vice president and manager of business services, “and it makes it much easier for business owners to tap into the expertise of our lending team.”
In opening the new facility, iQ hopes to capitalize on what Franks called a “significant increase in business lending activity in our market, especially in the area of commercial real estate.
“Multi-family (apartments) is a particularly hot commodity at the moment, due to overall population growth in the Portland/Vancouver markets,” he added.
In the immediate term, the center will focus on commercial loans. Franks said that much of iQ’s business lending involves lines of credit and term loans in the $50,000 to $500,000 range.
Long-term, LaChapelle explained, the plan is for the new center to become a one-stop shop for all of the credit union’s business services – not just loans.
“The idea is that this is a standalone special place meant for businesses where we can really concentrate on their needs,” she said.
iQ Credit Union has a long history in Clark County; it was founded in 1940 as Clark County Teachers Credit Union. While the credit union hasn’t always offered an array of business services, that has changed in recent years.
Looking ahead, Franks and LaChapelle both said that the credit union’s focus on businesses will continue to grow.
“We have plans to expand our business product offerings, especially on the deposit side of the equation,” said Franks. “The staff at the business services center will specialize in meeting the needs of the small- to medium-sized local business, as well as supporting the needs of commercial real estate borrowers.”
“We now have a lot of knowledge in our business lending department,” added LaChapelle. “They can really understand our business members’ needs. There has been more focus on that [market] and it certainly is growing.”
Beyond brick-and-mortar, LaChapelle said iQ is also looking to expand online services for businesses.
“Eventually everything will be available on mobile,” she said. “That’s one direction we’re going – making it easier for businesses to stay connected, how they want to be connected.”
