External Site

You are leaving Member One Federal Credit Union's website. The credit union is not responsible for the content of any other website. The privacy and security standards of other sites may differ from those practiced by the credit union. You should review the privacy and security policy of any site before providing any information.

Skip to Content
We are aware of a credit and debit card fraud ring that is currently impacting our members. Be aware of scammers calling, texting, and emailing, asking for your account or card number, pretending to be from Member One. NEVER give out this personal information over the phone or if it's solicited via text or email. Protect yourself and please call us directly at 800.666.8811 if you have any questions.
Virginia Credit Union and Member One Federal Credit Union announce intent to merge. Learn more.
Business August 8, 2019 Jeff Williamson, Digital Campaign Specialist

Could your business’s financial health benefit from a credit union?

Business Banking Hero 2 978b8d064138018a1dfad71b9882dd21

When searching for a doctor, you want one who cares about your current and future wellness, not one whose top priority is making money, right? The same can be said when choosing your small business’s financial institution. You should choose one that cares about where your business is now and offers products to help it thrive in the future. When you choose a credit union, that’s exactly what you get. If your business’s financial health could be better, here are a few reasons a credit union could be the perfect remedy.

Business lending is on the rise with credit unions.

Ever since the recession, credit unions have been lending to small businesses in a big way—in fact, over $5.9 billion in business loan participations were purchased in 2021 by credit unions. That figure was up 37% from 2020 and 87% from just two years prior, according to the Credit Union Times. The credit union industry has also been lobbying at the congressional level to lift lending restrictions on credit unions. With some of those restrictions lifted in January 2017, it’s possible that small businesses could see even more lending opportunity.

Credit unions don’t have to answer to shareholders.

Because credit unions are member-owned co-ops, they’re able to use their earnings to offer higher savings rates and lower lending rates instead of paying dividends to shareholders. And credit unions typically charge fewer fees. This could end up saving a business owner a lot in interest on auto loans, lines of credit, or even property loans.

They truly believe in “people helping people.”

Credit unions want to boost the local economy, and helping local business owners does just that. That could be in the form of a loan, credit card, or checking account, but it could also be through educational seminars and other perks of credit union membership. And since credit unions are local, they tend to keep everything in-house. That means decisions and paperwork are completed at the credit union instead of being outsourced, making the process much quicker.

If you own a small business that’s established or just getting started, you might want to consider a credit union for your business banking needs. Save your hard-earned money with lower rates on loans or lines of credit and get higher earnings on things like money market accounts and share certificates. And don’t forget the personal, speedy service credit unions deliver. Don’t trust your finances to just anyone who’s willing to take your money—bank with a credit union that’s invested in your business’s current and future financial health.

You May Also Like