Running a small business or non-profit requires careful financial management, and choosing the right credit union can make a significant difference. Credit unions offer several advantages tailored to specific small business needs. From potentially lower fees and competitive rates on deposits to a member-centric approach, credit unions offer services that can help your small business or non-profit prosper.
6 Reasons To Choose a Credit Union for a Small Business
Reason 1 | Financial Solutions Designed for Your Small Business
Small businesses and non-profits have specific financial needs. Credit unions offer a tailored range of financial products and services to help and support your organization.
- Business Checking Accounts – with features like checks, online banking, and mobile deposit capabilities.
- Business Savings Options – business flex savings accounts, term share certificates, and money market accounts.
- Business Loans and Lines of Credit – financing for businesses with competitive rates and flexible terms.
- Competitive Rates for Non-Profits – special checking account rates are designed to meet the needs of non-profit organizations.
Reason 2 | Access to Favorable Financing
Small businesses and non-profits often need financing for anything from equipment purchases to expansion plans. Compared to traditional banks, credit unions usually offer more competitive loan rates and lower interest rates for small and local businesses. Credit unions also anticipate the particular challenges faced by small businesses and non-profits and may offer loan products with more flexible repayment terms, making it easier to manage your cash flow.
Reason 3 | Competitive Dividends
While banks typically offer minimal interest on business accounts, credit unions often provide more competitive dividend rates on business checking and savings accounts. Competitive dividends on your business accounts allow you to earn more money on any unused working capital. This can help your business grow its financial reserves.
Reason 4 | Personalized Service and Dedicated Support
Credit unions typically take a member-centric approach to service. This translates to significant benefits such as access to dedicated representatives who understand your business and can provide personalized financial guidance, flexible appointment options, and a focus on long-term partnerships.
Reason 5 | Local Expertise CustomIZED to Your Community's Needs
Credit unions are local institutions, deeply supportive of the communities they serve. This local market knowledge provides significant advantages for your small business as the staff members generally live and work in your community. With this local expertise, credit unions can offer financial products and services to meet the needs of small businesses in your area. And credit unions often establish relationships with other local organizations that can be valuable resources for your small business.
Reason 6 | Community-Minded Partnerships
Many credit unions actively participate in and contribute to local events, programs, and charities. Partnering with a credit union allows your small business or non-profit to be part of this positive community impact. Credit unions frequently host workshops and offer online financial management tools to equip you with valuable knowledge and support to make informed financial decisions.
The best credit union for your small business or non-profit should offer a range of financial solutions, competitive rates, and exceptional customer service. This combination ensures you receive the tools and support necessary to thrive.
When you’re ready to choose a credit union for your small business or non-profit, contact HFCU to learn more about our available services and membership benefits.