They say the United States is the land of opportunity, and so many people use that opportunity to start a small business. About 27 million Americans run or own a small business, and because of this, there’s a significant demand for financing. Starting out with a loan is the best way to get your business off the ground, and there’s no better financial institution than a credit union to get approved.
If you already belong to a credit union, you likely know that you’re not just a customer – you have ownership in being a member. Here are a few of the reasons you should look into a credit union to procure funding for your new small business, and the benefits you’ll gain from it.
- Loan approval on a local level. Credit unions are well known for their involvement and relationship with the community they serve, and because of this involvement, they understand the best interests of their members. As of 2014, small business growth was responsible for adding 1.4 million new jobs, according to the U.S. Small Business Administration. They know that financing a loan for a small, local business will be a benefit for the community and the local economy, so they have an interest in approving these loans.
- You’ll pay lower rates and fewer fees. Credit union members aren’t customers – they’re part-owners in their not-for-profit financial institution. As such, they’re not beholden to shareholders who are interested in profiting on their investments, and revenue is returned to members in forms such as lower fees and better interest rates.
- A personalized experience catered to your needs. At Polam FCU, we believe in building a better banking experience, and part of that is giving you personalized service that is supportive to your needs. By serving a particular community, we take the extra step to understanding the financial goals of our members, and we work to help them achieve their goals as business owners. Visit one of our branches and our lending specialists will get you started on the approval process and walk you through the various loans we offer.