Access funding seamlessly with credit unions

 


Funding remains a crucial issue for businesses in these challenging times, right in the middle of the pandemic's second wave. No one knows how long such times will last, and all we have are guesses even from the experts. In such times, it is not enough to depend on a stimulus check from the federal or state government, and you need to find options of your own. Many people think that the only source of funding for their business is a bank. This is a fallacy that can prove to be costly. At times of economic crises such as the present, banks become stricter as the chance of default increases. So, what is a prospective borrower to do? The answer lies in searching for more options, as intrepid business owners always find a way in tough times! There is another segment waiting to be explored. This is the world of credit unions, which has specific rules of its own. These credit unions are member-driven bodies that collect and lend funds to their members. Some of them have grown to have a membership of hundreds of thousands, and their numbers are rising. So, it can be said that these are recognized bodies that serve the needs of the members. Membership conditions are not complicated. You need to start with a small initial amount, and you are granted entry to this club!

Why it pays to stick to a credit union?

Credit unions do not transfer their profit to shareholders or pay huge bonuses to their executives. They use the funds to improve the well being of their members. They do this by reducing the interest rate on loans so that the load on members is less. They also utilize these earnings to improve the quality of services. The major unions in the nation now use state of the art technology. They also have invested in extensive ATM networks, comparable to those of the top banks. Thus, they can compete favorably with banks on most parameters. For a small business, such benefits can go a long way in ensuring survival in the challenging initial period.

Even when you go via the buy shelf corporation route to business credit, it pays to keep these unions on your radar. You can get a better deal and increased funding limits if you have multiple options. Also, it improves your chances of getting the nod for a credit limit.

 

 

 

 


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