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82nd Annual Meeting • Time to refinance? • Demand for small business loans is up
According to the Credit Union National Association (CUNA), demand in 2009 for small business loans at credit unions increased 6%, compared with commercial banks.In the August 2009 issue of Kiplinger's Personal Finance magazine, businesses are flocking to credit unions for better rates and more personal service than typically offered at banks. The report also cited consumers' distrust of banks due to the high fees and tighter lending restrictions, as well as the financial troubles many banks are experiencing.
Benefits for businesses.
In today's economy, it's never been more important for small business owners to keep their costs in check. Credit unions excel at helping businesses find ways to reduce their cost of capital.
Although years ago, credit unions did not engage substantially in commercial lending, now it has become common. Recent federal regulatory changes have expanded the commercial lending ability of credit unions. At Endura Financial we offer a full array of small business loans and commercial loans.
Unlike many of today's banks, which often base loan decisions exclusively on impersonal mathematical formulas, credit unions take a broader approach, and are more inclined to take intangible factors into account. For example, credit union loan officers often visit the company, get to know the owners and talk to suppliers and customers to get a feel for the business and its assets and liabilities in ways that go beyond a balance sheet. Businesses like that.
We're listening.
Beyond having ready access to capital, small business owners want to feel like they are heard and understood, and credit unions have succeeded in filling that niche. If you are interested in experiencing great rates, low fees and personal service – contact Jenell with Endura Financial Business Services at 763.302.3042.
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Fun facts!
FACT #1Ticket prices to the 2010 Winter Olympics opening ceremonies will cost $150-$1,100 (Canadian).* |
Approximately 2,500 athletes will compete in the 2010 Winter Games in Vancouver.* |
| * Source: www.vancouver2010.com | |
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©Fotolia. ©2010 Endura Financial Federal Credit Union.Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration, a U.S. Government Agency.
