Let’s face it, when it comes to owning a business, you need every advantage you can get to succeed.
So if you’re a business owner and you’re still doing your banking with a traditional bank, it’s time to take a look at the benefits of belonging to your local credit union.
Here are five for starters:
#1 You’re not a customer, you’re a member
What’s so great about being a member? Everything! Credit unions are owned by their members and their mission is to provide affordable financial services to you. Banks, on the other hand, work to please their stockholders, possibly at the expense of their customers.
#2 Higher savings rates, lower loan rates
Credit unions are not-for-profit organizations, so when they do make a profit, it gets returned to members in the form of higher dividend rates on savings and checking accounts, and lower interest rates on loans. That’s a big plus for business owners.
#3 Willing to lend money
When it comes to applying for a business loan, credit unions may be more flexible than traditional banks. They take the time to get to know you and your business, many times finding ways to get you the money you need.
#4 Personalized service
Credit unions are known for their commitment to personal service and relationship building. That’s because credit unions are based in your community and care about you and your success. Its neighbors and friends helping each other create a better neighborhood and a better world.
#5 Keeps your money safe
Just like commercial bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA). You can sleep well at night knowing your money is safe and sound.
Mark Kwasny is a senior communications specialist at SAFE Credit Union. As an ink-slinging wordsmith, he loves creating words and worlds using only the twenty-six letters of the alphabet. Outside of work, he’s a banjo-player wannabe and a keen observer of all things pertaining to life.
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