tFARMINGTON HILLS, February 13, 2012 — It’s not uncommon to hear surprise in the voice of members who learn credit unions are significant lenders to businesses. While banks historically have played a significant role in lending, credit unions are proving that they are an alternative to provide dependable financial solutions.
tA USA Today article written by Adam Belz reported, “Over the past year, credit union business lending is up 5 percent, while bank business lending is down 3% — a decline of about $95 billion.” Community Choice is also experiencing an increase in this segment. We have increased our overall business lending portfolio by 10% from 2010 to 2011. As credit unions grow as a viable alternative for businesses, they are offering products that rival products at banks. At Community Choice Credit Union, we offer Business Interest Checking; an excellent way for business owners to earn money on their checking balances. Similarly, the nation’s first credit union, Saint Mary’s Bank, offers a business sweep account allowing members to earn additional interest on their deposits. We are excited to launch Remote Deposit Capture in 2012; this will allow business members to deposit money without an additional trip to one of our branches. Every credit union has its own strategy for offering the right products to members and many will continue to expand their business solutions in the coming years.
tThe successful marriage between credit unions and local small businesses is evident at Community Choice Credit Union. One example of this is the relationship between Uncle Ray’s Potato Chips and our credit union. Uncle Ray’s turned to our credit union when a national bank was unable to provide financing to them. This kind of story is not uncommon and you’ll find credit unions across the nation with similar stories. As credit unions continue to strengthen the products and services available to business members, it is a great time to consider making the switch to a credit union. You’ll discover, like Uncle Ray, that there is nothing that can replace managing your finances with a credit union that is committed to your business and the communities that your business serves.
tFor more information, please call (877) 243-2528