At many banks, there is a freeze on new loans to small businesses. True, with the recent governmental measures, things should loosen up. But it's going to take time.

Unfortunately, many businesses need money now.

So, what are some alternatives? Well, one idea is to visit your local credit union.

A credit union is a not-for-profit financial institution which is owned and managed by its members (that is, the depositors and borrowers). There are roughly 8,300 credit unions across the nation with more than 90 million members.

Credit unions tend to be managed fairly conservatively, with little exposure to complicated investments like derivatives and subprime loans.

Okay, so how do you become a member? Basically, each credit union has its own criteria, which may be based on occupation, geography, association and so on. Keep in mind that many credit unions allow family members to join. Thus, if your mother is a member, you'll probably be allowed to join. (You can click here for a credit union finder).

Continue reading Entrepreneur's Journal: Can't get a business loan? Try a credit union

Entrepreneur's Journal: Can't get a business loan? Try a credit union originally appeared on BloggingStocks on Sun, 19 Oct 2008 18:30:00 EST. Please see our terms for use of feeds.