WESTBROOK, Maine–Lower temperatures and increased costs to heat homes have led to more loans for Maine’s credit unions, according to one report.
As costs have risen, credit unions have found a niche in “affordable financing options,” according to MaineBiz.com.
“With the price of heating oil and kerosene still so high, it’s no surprise Maine credit unions are seeing an increase in loan applications from members who want to install equipment that will make it cheaper to heat their homes,” the publication stated.
“Whatever ends up happening in 2023, credit unions are going into the year in a strong position to help regardless of the direction the economy may take,” Todd Mason, president and CEO of Maine Credit Union League, told MaineBiz.com. “However, we do see energy costs remaining high, and so many credit unions are offering fuel loans to help Mainers even out their expenses over the year, or install more efficient heating options.”
The Good News
The good news, according to Mason, is “We also see the supply for new and used vehicles improving, and as a result, credit unions will be there with affordable financing options. As we look to 2023 and beyond, the big expansion plans will be focused on providing more digital banking, lending and payment options.”
Credit unions will continue to hire throughout 2023 at all levels, according to Mason, and also plan to promote from within. Management teams are often made up of staff that began in entry- or mid-level positions and move into leadership roles.
Some 732,821 Mainers belong to credit unions.
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