Bank Loan Vs Credit Union Loan?

Joe Bennett figured getting a loan to open a supper club would be easy. After all, the St. Paul (Minn.) resident had spent 25 years managing several private restaurant chains. But loan officers at U.S. Bank saw things differently. The best they could offer was a home equity line of credit, though Bennett specifically wanted a small business loan that would establish his credit and credibility as an entrepreneur. "They didn't get from my experience that I could be successful in the restaurant business," says the 45-year-old. But a local credit union did get it. In July, Twin City Co-Ops

Federal Credit Union of Falcon Heights, Minn., underwrote $100,000 for a downpayment and improvements on Bennett's Chop & Railhouse, which opened in November.