Briefs: BCCU stirrers late to scene, Business credit lifts, SocietyOne busy in March
A late campaign by a group of agitators and members seeking to derail the proposed merger of Bankstown City Credit Union with Unity Bank may be missing its mark. A Special General Meeting of BCCU will be held in two weeks, on Wednesday 19 April, to vote on the merger. BCCU will be known as Bankstown City Unity Bank if members vote in favour. Members and Community Action Association is collaborating with Communities Action Group to stir up opposition to the merger, first outlined in September. Demand for credit from business is getting a degree of spark. Dun & Bradstreet's Business Expectations Survey for the June quarter of 2017 found that 17 per cent of businesses intended to seek finance or new credit in the quarter ahead to help their business grow, while 77 percent will not. Six months ago this D&B survey found 12 per cent planned to do so. Lending by SocietyOne, a marketplace lender, "saw a new monthly record .... of A$20 million" in March 2017, managing director Jason Yetton said yesterday. SocietyOne said it provided $45 million in loans over the March 2017 quarter. Yetton said this "took the total amount of lending made by SocietyOne to $250 million since inception." The number of investor funders (including a score of mutual ADIs) has grown to 309, an increase of 90 over the past 12 months, he said.