Credit unions serve businesses, too! What are the benefits to partnering with a credit union for your
business banking needs? Let us first highlight the credit union difference.

Credit unions arose from a movement called the Cooperative Movement in 19 th century Europe. The essence of the movement has remained the same throughout the years: underserved people working together to create institutions to provide financial solutions to its members at a time in which commercial banks and savings institutions would not provide financial services to individuals. From that surged the credit union motto of “not for profit, not for charity but for service.”

Credit unions are member-owned and have since expanded to provide these benefits to businesses. These benefits include partnering with a local financial institution, committing to education, and the emphasis of member-service.

1. Local:

Small businesses are the backbone to the economy of the United States of America. Small
businesses are created by the individuals that live, work, and play in their markets. Credit unions are
typically formed and established locally through a common bond shared in their community.

Headquarters and leadership teams are in the same market, city, or state of these small businesses
which is crucial to understanding the needs of these businesses and their owners. As an example,
Achieva Credit Union holds Member Advisory Council meetings in which we invite our business
members to discuss topics that are affecting our small businesses. This meeting is attended by
executive leadership and management teams, sourcing real-time feedback from the business
members themselves.

2. Commitment to Education:

As a credit union we strive to educate and fill in the needs of the businesses and business owners throughout our community. Credit unions provide online educational articles and virtual seminars, free at no-cost to the public. Achieva Cash Class is an example of virtual seminars.

One of the classes I presented this year was about building a business plan. Members and the public alike attended the virtual class. Additionally, credit unions cooperate with other educational entities that provide no-cost information and resources to business owners such as the SBDC (Small Business Development Centers) and SCORE (the Service Corps of Retired Executives) to name a couple, highlighting the continued cooperation that credit unions have in helping business owners achieve their goals.

Starting, running, and expanding a business is complex and unique to each business and providing several resources contributes to the educational commitment we have to these businesses.

3. Member-Service Focus:

Member services are at the forefront of credit unions. Our members, businesses, and individuals alike, own and operate the institution. To maintain the member-service focus with businesses, the trusted Commercial Relationship Managers (CRM’s) prioritize discussing and learning about the needs of small business members.

We provide tailored solutions, competitive rates, and fees essential to the success of the business. Additionally, credit union CRM’s take time to meet in-person, at the branches, or place of business to assist our business members. Through these efforts credit unions have incorporated solutions via a suite of business products to help our businesses at every stage of their growth. These products include:

Full suite of business loans:

  • New construction, renovation, or expansion projects
  • Owner-occupied commercial real estate properties
  • Small Business Administration (SBA) 7a and 504
  • Equipment financing options for gym equipment, kitchen, heavy duty vehicles like dump trucks, HVAC, trailers, tree mulcher, trailers.
  • Business acquisitions
  • Revolving lines of credit

Treasury Management Services:

  • ACH Origination
  • Remote Deposit Capture
  • Wire Transfers (Domestic and International)
  • Entitlements
  • Money Market Account Sweep

Business Checking, Savings & Money Market Accounts & Business CD’s:

  • Business Online Banking

Credit unions were founded on the idea of cooperation to help individuals achieve their goals. This has
since expanded to businesses that are established by these same individuals in our community allowing
businesses to benefit and take advantage of the credit union difference in the start-up, small, or
medium size stages of a business. We are here as “people helping people” achieve the American dream
through business ownership, the backbone of the American economy. We invite you to speak with us!