Are you thinking about starting a small business?
Did you know MyPoint offers business accounts? From low rates to flexible terms, we're dedicated to helping you do more you.
As a 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 pursuing entrepreneurship.
Here's how:
Enjoying Competitive Rates
As a nonprofit, credit unions do not pay taxes and don't have shareholders to satisfy. All those savings? They're passed on to members in the form of low rates. A qualified borrower can expect to pay less interest on loans than 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, knowing a credit union will do everything it 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 started on your dreams. Ready to do more you? At MyPoint Credit Union, we think so too.
