Loans

[Admin]

Why is it so long to obtain a small loan for members who are familiar with the board

In evaluating loan applications, the creditworthiness of each member applicant will be assessed
to ensure that they fulfil the requirements set out in VENTURE’s lending policies, Bye Laws,
and the Cooperative Society Act.

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What does the credit union have in place for small businesses? Can small businesses open an
account and send money here as well as apply for loans for up to $500,000?

Venture Credit Union does offer Business or Commercial loans that may be granted for any
legitimate purpose. Unfortunately, Business accounts cannot be opened in the entity’s name
however, the owner(s) are welcomed to do so in their personal name(s) bearing in mind the
commingling of business proceeds. In evaluating loan applications, the creditworthiness of each
member applicant will be assessed to ensure that they fulfil the requirements set out in
VENTURE’s lending policies, Bye Laws, and the Cooperative Society Act.

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Considering the pandemic and persons losing jobs or starting new jobs etc. their work history has
changed. Is there any flexibility in this regard for access loan facilities?

Consideration for a loan facility is given based on the circumstances around the changes in a
member’s work status and satisfaction of all other lending criteria.

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Recently there was another advertising of the where about of several persons. Is the Credit
Committee doing checks to issue loans?

The Credit Committee uses both internal and external loan history during the loan adjudication
phase before a loan is approved.

[Author]

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