Credit unions can offer small businesses an advantage over traditional banks and online lenders due to their community-oriented focus, local market knowledge, and ability to offer lower fees and competitive loan interest rates.
Despite accounting for 99% of businesses in the US, small business owners feel underserved and are increasingly looking for access to cash.
“A report by the Small Business Association indicated that over 99% of all businesses in the U.S. are small businesses. They create 66% of new jobs and deliver 43% of gross domestic product (GDP). Yet, two-thirds of these business owners feel underserved, misunderstood and unappreciated by their primary bank.” – Credit Union Times.
Credit unions can leverage their strengths to better serve small businesses, which comprise the backbone of the economy and reflect its diversity.
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