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Credit unions and Community Development Financial Institutions or CDFIs are quickly becoming the leading alternative financial institutions. We may have a lot of fintech companies and new lenders offering their products and services, but working with credit unions – especially ones that suit the needs of your small business best – can be highly beneficial.
Credit unions are meant to work for their members’ benefits rather than for profit. This guiding principle really shapes the way credit unions create and maintain the services they offer. There are also more reasons why working with your credit union can be highly beneficial to your business.
Get Involved as Members
Credit unions cater to members rather than any business. To be able to use the financial services offered by the credit union near you, you need to first meet the membership requirements and be accepted as a member. Once you do, you can play a more active role in helping the credit union grow as quickly as your business.
Credit unions are taking the way they cater to members more seriously too. Many top credit unions across the country are working with consultants such as The Copper River Group in reviewing their core vendor contracts and negotiating better deals. It may seem like a small step from the outside, but it is a step that really benefits you as a member of the credit union.
Plenty of Opportunities to Save
Credit unions are very attractive, particularly to small business owners, because of the lower interest rate and fees attached to their financing options. Lower fees mean small businesses can get the financing they need while remaining flexible with their expenses. You too can take advantage of the lower fees offered by your credit union once you are a member.
Lower fees are not the only way you can save when working with a credit union. You can also take advantage of other features and facilities offered by the union, including free ATM withdrawals and bank transfers, special services for your business, and many more. These small savings add up; you’ll be surprised to realize just how much you save at the end of every month.
They Work WITH You
Unlike conventional banks, credit unions actually go the extra mile to work with their customers. You will experience the same treatment as soon as you become a member and start exploring the available financing options.
For example, you don’t have to worry about your less-than-stellar credit history when trying to get sufficient financing from a credit union. The analysts of the credit union will help you navigate the steps you need to take in order to secure financing at a lower interest rate.
Financial experts of the credit union are also more likely to help you get through tough times and organize your business better, mainly because they want to keep you financially healthy as a customer. It is much better for credit unions to have many healthy customers in the long run.
If you are in the process of securing financing for your home business, joining a credit union is certainly worth considering. The best credit unions and CDFIs in the country are already helping thousands of members achieve their financial goals. Are you next?
