SCFCU Ranked One of Minnesota's Fastest-Growing Commercial Lenders
Credit unions across the state of Minnesota saw a sizable increase in commercial lending over the past year, and St. Cloud Financial Credit Union is near the top of the list.
In a report researched and published by the Minneapolis/St. Paul Business Journal, SCFCU — which launched its commercial lending services in 2021 — ranked fifth among credit unions as the fastest-growing commercial lender across the state.
“We are proud to be recognized for our continued commitment to supporting our members, communities and local businesses in their growth,” said Chase Larson, SCFCU Executive Vice President and Chief Lending Officer. “This achievement reflects not only our dedication of making a meaningful difference but also the unique way in which we operate that sets us apart from other financial institutions. I am proud of our talented team and their unwavering commitment to doing what is best for all of our members.”
In the year-over-year raw dollar value changes analyzed by the publication, SCFCU saw an increase of $12.76 million in commercial loans year-over-year, which equates to a 52.68 percent change — the second-highest percentage on the top five list. In totality, SCFCU originated in excess of $24 million with net growth above $13 million in 2024.
"This recognition reflects the strong partnerships we have built with our local business owners, the dedication of our team, and the power of our shared vision,” said Abby Legatt, SCFCU Vice President of Business & Investment Services. “It reflects our institution's commitment to driving economic opportunity and it highlights the positive impact we create within our community — helping local businesses thrive and paving the way for a stronger financial future together."
The research in this report was obtained by the National Credit Union Administration and was ranked based off of year-over-year dollar change. Credit unions with the fastest-growing commercial loan portfolios reported loans valued at $5 billion, marking a seven percent increase over what was reported in the year prior, according to the publication.
According to the NCUA, commercial lending includes a "loan or an extension of credit to an individual, sole proprietorship, partnership, corporation or business enterprise for commercial, industrial, agricultural or professional purposes, including construction and development loans, any unfunded commitments and any interest a credit union obtains in such loans made by another lender."
To qualify for this list, lenders are required to have commercial loan portfolio balances as of Sept. 30, 2024. Rankings were determined by year-over-year raw dollar value changes in commercial lending in the period analyzed.
Learn more about SCFCU’s commercial lending and the full list of services we provided.