Credit Unions are nonprofit organizations that provide financial services and put people (their members) before profits. They are member-owned, so when you open an account, you also become a part owner. They typically have less locations than traditional banks but can offer lower, more affordable rates. Credit Unions are often accessed through an employer, membership to a certain group, or locally within your community.
Credit Unions typically offer the following services:
- Savings and Checking Accounts
- Retirement Accounts
- Financial Education
There are more than 5,000 Credit Unions across the U.S. and they can provide many different services, however, we are focusing on the ones that serve small business owners.
Ideal for businesses that:
Need funds for a specific use (like commercial real estate).
These lenders are known for:
Providing a variety of financial services and being locally available for their members.