Today’s post is by Eric Stoll, Business Relationship Manager.
At Consumers Credit Union our focus is on serving our members. And while this is a key factor that separates us from other small business lenders, here are the top five differentiators in our lending that we’ve found can help increase the success of small business owners in our community:
1. Longer term loans
We can offer our business members up to a 15-year term on owner occupied real estate loans. This benefits our members by eliminating the hassle and disruption of dealing with the loan renewal process, the worry of the loan possibly not being renewed, and the expense of having to renew the loan every 5-7 years. We have found that offering a longer term provides peace of mind to our members who are able to focus on doing what they do best: managing and growing their business.
2. More convenient lines of credit
Our lines of credit typically do not have a maturity date and are instead due upon demand. Again, this eases the hassle of having to renew the loan annually, which is typical for this type of loan. In addition, draws against the line are able to be completed in a variety of ways to best suit our members’ needs. They can be completed online, over the phone, or in one of our many convenient office locations.
3. Deposit accounts that save your business money
Our deposit accounts are low in cost, easy to use, and simple to understand. In most cases, we are able to reduce the cost of the deposit fees currently being paid at other financial institutions. With a recent proposal to a prospective member, we were able to show how switching to Consumers could save the business over $400 per month in unnecessary fees. This is an extra $4,800 per year that goes straight to the bottom line of the business.
4. Easy online and mobile account access
With our online and mobile banking solutions, our small business members can access their financial information when and where they need to. These tools also allow easy transfers between both personal and business accounts, which allows quick access to funds when necessary since in a small business there is often little separation between the owner’s personal and business lives.
5. No prepayment penalties
We typically do not charge a prepayment penalty on our fixed rate loans. In the event that our members have additional cash flow and want to prepay the loan, we certainly do not want to hinder their ability to best manage their business as they see fit.
Our goal at Consumers Credit Union is to help simplify the lives of our small business members and to increase the profitability of their businesses. We would love to meet with you to discuss how we might be able to better serve you. We also have many current business members whom we can refer you to in the event that you would like to hear about us first hand. Call us at 800.991.2221 to learn more today.