What Credit Unions Can do to Help Small Businesses

According to an August 2014 report by the National Association of Federal Credit Unions, credit union member business loans have grown 60% since 2008. More and more people are looking to go into business for themselves, to be their own boss. If you’re looking to boost your credit union’s loan volume, growing with small businesses may be ideal. Here are some easy things your credit union can do to help small businesses:

Have a small business specialist – If you have a steady amount of small businesses banking at your credit union, you may want to consider having a specialist to give them the one-on-one attention. Your small business specialist can help businesses move to the next level through loan services they might not have considered.

Show them the credit union difference – New small businesses might not know all the advantages of your credit union vs a bank. Many people don’t know the differences between banks and credit unions.  Let them know what the differences are with pamphlets or through your small business specialist. Spending just a little bit of time with the small business owner will let them that you are serious about helping their business.

Help them to dream bigger – The typical small business is always looking to improve and grow. As an expert in helping small businesses, you can nurture the small business through loans and programs designed specifically for them. Credit unions are known for treating people more like members, and not like numbers. Let the small business owner know that your credit union is sincerely interested in helping them.

Let them know what you offer – Some small businesses will only think of your credit union as a place to do basic transactions and not much else. However, you can offer them so much more like loans, special savings accounts and business credit cards. Keeping the small business owner informed of what you offer will only likely increase the interactions you have with them.

Be an innovative resource – Small businesses are looking for efficient management that can streamline their business with things like mobile apps and other innovative products and services. Let your small business customers know that your credit union can help with all of those things.

Understand their needs – Some of the small businesses you are servicing at your credit union may be the type of business that is stopping by often. Let the small business know that their banking needs are important and that you can be reached as needed to help get them in and out quickly so that they can get back to what is really important, their business.

If your credit union is lacking in any of these areas and are looking to grow your loan base with small businesses, it’s time to make some changes.

CU Solutions Group can help take your interactions with small businesses to the next level. If you are looking to connect with small businesses in your area we can do that with innovative products like Gas Station TV, mobile sites and smartphone apps, and even video creation. We can help improve your relationships with small businesses with social media campaigns, cutting edge graphic design and media placement.