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As a small business itself, credit unions often understand the needs of a small business owner at a more personal level compared to a big bank. And that sense of belonging can go a long way when you're pursuing entrepreneurship. Here's how:
Enjoying Competitive Rates
As a nonprofit, credit unions do not have to pay taxes and don't have shareholders to appease. All those savings? They're passed on to members in the form of excitingly low rates. A qualified borrower can expect to pay less interest on loans in comparison to a for-profit lender, which pays taxes and appeases shareholders.
The Benefit of a Member-Owned Financial Institution
You're not just a customer at a credit union, you're a member. And as a member, you're part owner. But for small business owners, it means a more accommodating lender. You can visit a branch, send an email, or call in knowing the folks on the other end will do everything they can to help you reach your goals. They work for you, after all!
How Large are Loans from a Credit Union?
A common misconception about a credit union is that the loan size is comparatively small to that of a big bank. In the vast majority of cases, that's simply untrue. While you might have trouble receiving a billion-dollar loan, it's not uncommon for a business loan from a credit union to be in the millions. For small business needs, it would be surprising if you couldn't receive however much you need (depending on credit and collateral, of course).
Starting a Small Business?
Whether a nonprofit, tech startup, restaurant, store, or anything else, a small business loan from a credit union can help get you get started on your dreams. Ready to do more you? At MyPoint Credit Union, we think so too.
Ready to start your small business? Contact us to see what the best options are and to learn more!