Monday, December 19, 2016

Credit Unions and Small Businesses Make for a Great Partnership

Are you looking to find business successes in the new year? Credit unions like Mid-Minnesota are excellent at helping small businesses and entrepreneurs establish their financial footing.

A major advantage of choosing credit unions over banks is that credit unions focus on prioritizing the needs of small businesses, not on maximizing profits.

Credit unions typically offer a faster loan approval process. Credit unions are interested in helping you grow. Rather than facing a committee that only provides the loan approval process once or twice a month, credit unions can help streamline the loan approval process, ensuring that you have access to the funds you need much sooner. This can be a major asset if you are looking to start your small business in the new year.
Another advantage of having the support of a credit union on your side is the accessibility to smaller loans. Many banks tend to offer only large loans to businesses, but for small businesses and startups, it is often much more feasible to see smaller loans. Additionally, credit unions typically offer lower interest rates on business loans.

The majority of credit unions provide free checking to small businesses. In fact, according to Bankrate, 72% of credit unions offer free checking. In comparison, only 38% of banks do, and such banks will charge you if you are unable to maintain a strict balance. With the stresses and
unpredictable nature of owning a business, attempting to maintain such a balance would surely be disruptive and demanding.
Credit unions are also invested in helping you grow your business. Many credit unions offer financial education opportunities and resources that can help you find financial stability and success, which are integral from the beginning of a business. Learn how to establish, expand, and market your growing business to keep it competitive and well-functioning in the new year.

For more assistance on applying for a business loan, visit Mid-Minnesota Federal Credit Union’s Business page today.

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