Credit Unions are nonprofit, membership-based financial institutions dedicated to customer satisfaction. Choosing a credit union over a bank for your small business can have many benefits. Read on to learn how credit unions help small business.
Benefits of choosing a Credit Union for your small business include:
Fewer fees than a bank – At a credit union, there aren’t the fees that are common with banks. Monthly checking fees, annual credit card fees, and credit card processing fees can all add up, which is why choosing a credit union can save your business hundreds (even thousands) of dollars.
Better interest rates than a bank – As not-for-profit institutions, credit unions offer better rates on credit cards—up to two percentage points lower than the average bank card rate.
Local people with local knowledge – At MMCCU, our team members live in the area, know this community, and want to see it succeed.
Relationship-focused model – Credit Unions are member-driven, meaning they value relationships. During times of economic downturn, credit unions have proven steadfast partners to small businesses. According to the Small Business Agency, credit unions have an increasing importance in small business lending, especially during times of financial hardship.
For people, not profit – Credit Unions by design are there to benefit their members, not pad the pockets of shareholders. Learn more reasons to join a Credit Union here.
MMCCU wants to help your small business succeed! We currently do not offer small business loans, but are looking to add that in the near future. Contact our friendly team today!