The members of the Credit Committee this past year were:

• Nelida Diaz, Collections Officer
• Maria Estrella, Loan Officer
• Romaly Ortiz, Assistant Loan Officer
• Gricelly Rivera, Loan Officer
• Ed Tobiasson, Business Loan Consultant

When a credit union member applies for a loan and has a good credit history (or no credit history) the Loan Officer can approve the loan by herself. However, if the member has a credit problem, the Loan Officer may call for a meeting of the credit committee to decide whether or not to grant the loan.

In some cases, credit counseling will be suggested. The Balance Program, has helped many members cure their credit records. In many cases, a loan from the credit union helps members obtain a settlement from their creditors, so they end up paying significantly less than the original debt amount.

In the 12-month period ending August 31, 2002, we made 675 loans amounting to 2,066,682. Our average loan is $3,620. Our total loan portfolio with 745 loans amounts to $2,931,016. For the same period last year, Bethex made 656 loans totaling $2,121,528. The average loan was $2,424 and the total loan portfolio was $2,433,341.

Our loans are generally made for as little as $300.00 and as much as $100,000. This year the credit union gave its first mortgage loans, it gave a $500,000 business loan to Rite Check Check cashers in partnership with five area credit unions, it began offering EnergySmart Loans, it grew its Bethex VISA Card program nearly 400 cards, and continued to offer overdraft protection and a business lines of credit. Bethex regularly enrolled business loans in the Cap Access program, a New York City program that guarantees business loans up to 20%. Bethex is also a Federal Student Loan lender and can offer Stafford Loans to students and Plus Loans for parents sending a child to college.

We have made loans for furniture, weddings, vacations, education, start-up businesses, and existing businesses. Many of our members borrow to build homes in the countries they come from and dream of retiring there one day. We are members' first choice for car loans and car insurance. And don't forget about the Cash in a Flash program that provides small emergency loans "in a flash".

Loans are very important to the credit union. Today, because of the poor economy, investment income is way down and we are almost completely dependent on loan interest income for our operating expenses.