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 19th 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 members at a time in which commercial banks and savings institutions would not provide financial services to individuals. From that vision, the credit union motto of “not for profit, not for charity, but for service” was born.

Because credit unions are member-owned, they have since expanded to provide these benefits to businesses as well. Those benefits include partnering with a local financial institution, a commitment to education, and a strong emphasis on member-service.

1. Local

Small businesses are the backbone of the American economy. They’re created by individuals who live, work, and play in their communities. Credit unions are typically formed and established locally through a common bond shared by their members, often in that same community.

Headquarters and leadership teams are in the same market, city, or state as these small businesses, which is crucial to understanding each business’s specific needs. For example, Achieva Credit Union holds Member Advisory Council meetings with business members to discuss topics affecting their small businesses. These meetings are attended by executive leadership and management teams to gather real-time feedback directly from the business members themselves.

2. Commitment to Education

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

One of the classes I presented this year focused on building a business plan. Both members and the general public attended the virtual class. Additionally, credit unions collaborate with other educational entities—such as the SBDC (Small Business Development Centers) and SCORE (the Service Corps of Retired Executives)—to further provide resources that help business owners succeed.

Starting, running, and expanding a business is complex and unique to each organization. By offering multiple resources, credit unions reinforce their commitment to educating and supporting businesses.

3. Member-Service Focus

Member service is at the forefront of everything credit unions do. Our members—both businesses and individuals—own and operate the institution. To maintain this member-service focus, trusted Commercial Relationship Managers (CRMs) make it a priority to learn about and address the needs of small business members.

We provide tailored solutions, competitive rates, and fee structures that are essential to a business’s success. Additionally, credit union CRMs often meet in person at branches or at a business’s location to ensure hands-on support. Through these efforts, credit unions offer a full suite of business products to help companies at every stage of growth, including:

  • Full Suite of Business Loans:
    • New construction, renovation, or expansion projects
    • Owner-occupied commercial real estate properties
    • Small Business Administration (SBA) 7a and 504 loans
    • Equipment financing (e.g., gym equipment, kitchen equipment, heavy-duty vehicles, HVAC, 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 CDs:
    • Business Online Banking

Credit unions were founded on the principle of cooperation, helping individuals achieve their goals. This collaborative spirit has grown to support the businesses founded by those same individuals in our communities. That means businesses—whether they’re in the start-up, small, or medium stages—can take advantage of the credit union difference.

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!

Written By:
Kayte A. Hughes
Achieva Credit Union
Commercial Relationship Manager II
KHughes@achievacu.com
727-445-6376