Business

Why Americans Are Seeking Loans from Credit Unions in Record Numbers

Published

4 years ago

July 4, 2021

During the Covid-19 pandemic and its aftermath, many Americans have relied on loans to keep their personal and business finances healthy. However, a recent trend has developed, indicating that how Americans are seeking loans may be unique compared to how they did so in the past. Specifically, rather than seeking loans from traditional commercial banks, many are instead choosing to apply for loans with credit unions.

A credit union is typically a local financial institution whose services and products overlap substantially with that of a bank. However, most commercial banks are profit-making institutions beholden to shareholders. Credit unions, on the other hand, exist to serve a community’s needs instead of earning a profit.

Each member of a credit union has equal voting rights. Instead of following rules and adhering to standards dictated by executives who aren’t members of the community, credit union boards consist of volunteers elected by all members who wish to cast a vote.

These differences influence the customer experience in ways that have recently made credit unions more appealing to loan-seekers than banks may be. Perhaps more importantly, research indicates that particularly in times of crisis, credit unions are more inclined to approve loan applications. One recent study indicates that, while banks often become hesitant to approve loans during crises, during the Great Recession and pandemic, many credit unions not only continued to loan money to members, but actually increased their lending.

This may be a reflection of the basic nature of credit unions. They’re established to provide a necessary service, much like a fire department or local hospital. According to Jordan van Rijn, senior economist for the Credit Union National Association, “During periods of risk and uncertainty, banks tend to pull back a lot more on lending and just get a lot more conservative. But credit unions as part of their mission is just to continue to serve the members.”

It’s also worth noting that loan interest rates at credit unions tend to be lower than they are at banks. This is another reason many Americans may have opted to seek loans from credit unions in recent months. They don’t want to exacerbate their financial woes by taking out loans with prohibitively high interest rates.

Additionally, many have already found that credit unions offer similar benefits even when national crises aren’t occuring. For example, some who’ve been turned down by numerous banks for home mortgages find that credit unions are more willing to work with them to offer alternatives to traditional mortgages.

Credit unions don’t provide loans and mortgages more willingly than banks because they engage in predatory lending. On the contrary, their low interest rates on loans highlight how they exist to support their members. Often, members have greater luck receiving loans from credit unions than from major banks because the local quality of the service, combined with the fact that credit unions don’t have a responsibility to earn a profit, allow credit union decision-makers to make these particular decisions based on a more personal understanding of a member’s situation. At a bank, decision-makers are required to follow the same procedures from one branch to another.

Many speculate that credit unions will also continue to grow in popularity after the pandemic. The way they served their members during a time of crisis has generated significant loyalty that may last well into the future.

Business

Mega Construction Projects That Relied on Advanced Crane Technology

Published

2 weeks ago

February 21, 2025

Matthew Wiles

When it comes to large-scale construction projects, the right equipment can make all the difference. From towering skyscrapers to massive bridges and complex infrastructure developments, cranes play a crucial role in lifting, transporting, and positioning heavy materials with precision and efficiency. As technology has advanced, so too has crane engineering, allowing for safer and more ambitious builds. In the points below, we take a closer look at some of the world’s most impressive mega construction projects that relied on cutting-edge crane technology to bring them to life.

Burj Khalifa – Dubai, UAE

Standing at a staggering 828 metres, the Burj Khalifa remains the tallest building in the world. Constructing such a colossal structure required cranes that could operate at extreme heights. Specialised luffing-jib tower cranes were employed to lift materials hundreds of metres into the air, battling high winds and desert heat. These cranes were anchored to the structure itself as it rose, ensuring stability and precision throughout the build.

Sydney Metro – Australia

As Australia’s largest public transport infrastructure project, the Sydney Metro has transformed the way people move around the city. The project required massive tunnel boring machines (TBMs) to carve underground routes, but just as critical were the cranes used to transport and position enormous precast concrete segments. Mobile and crawler cranes with advanced hydraulic systems played a key role in assembling stations and track infrastructure with minimal disruption to existing road networks.

Hong Kong-Zhuhai-Macau Bridge – China

This engineering marvel, stretching 55 kilometres across the Pearl River Delta, is one of the longest sea crossings ever built. Given its scale, floating cranes with immense lifting capacity were used to position pre-fabricated bridge sections. Some of these cranes had lifting capabilities exceeding 3000 tonnes, demonstrating the sheer power and precision required for such a complex marine project.

The Panama Canal Expansion – Panama

The expansion of the Panama Canal was one of the most ambitious infrastructure projects in recent history, involving the construction of massive new lock chambers. Gigantic gantry cranes were used to install the enormous steel lock gates, some weighing over 3000 tonnes. These cranes had to operate with pinpoint accuracy to ensure the seamless functioning of the canal’s new locks, allowing for the passage of larger vessels.

Hinkley Point C Nuclear Power Station – UK

The construction of this next-generation nuclear power plant has required some of the world’s most advanced heavy-lift cranes. The site features one of the largest land-based cranes in the world, capable of lifting reactor components that weigh hundreds of tonnes. These high-tech cranes have been crucial in ensuring the safe and efficient assembly of the plant’s intricate infrastructure.

The Role of Advanced Crane Technology in Modern Construction

Each of these projects would have been impossible without the evolution of crane technology. Innovations such as digital load monitoring, autonomous operation, and enhanced safety systems have allowed cranes to handle heavier loads with greater precision than ever before. For companies tackling complex construction projects, working with an experienced crane hire provider is essential. Businesses like Sventek Cranes offer cutting-edge crane solutions, ensuring that even the most ambitious projects can be completed safely and efficiently.

Mega construction projects continue to push the limits of engineering and design, and advanced crane technology remains at the heart of these achievements

Whether it’s lifting components for a record-breaking skyscraper or positioning bridge segments over open water, cranes will always be an integral part of building the world’s most remarkable structures. By leveraging state-of-the-art crane systems, today’s construction industry is making the impossible possible – one lift at a time.