Credit unions are cooperative financial organizations funded by the pooled savings of their members. Credit unions make low-interest personal loans. Credit societies for the owners of small businesses and others who could not obtain loans through banks at the time were established in the 19th century in Germany and Italy. The first U.S. credit union was founded in New Hampshire in 1909. By 1990, approximately 15,000 credit unions had been formed by groups in the United States, most with assets under $5 million.