Running a small business? The struggle is real. There are so many things to think about, from product and advertising to location and foot traffic. Why, then, do big banks make loans for small businesses so difficult and expensive?
That's where your local credit union steps up to the plate. Credit unions for small business often have lower rates and relaxed requirements. Whether you're looking to start your first business and seeking extra capital to expand, a credit union can be the lifeline you need.
Here, we'll go through the basics and nuances of small business loans through credit unions. Contact Coosa Valley Credit Union to learn how we can kickstart any small business aspirations, jumpstarting your journey to financial independence.
What Makes Credit Unions Better for Small Business?
Prospective small business owners often face a slew of obstacles to securing the capital necessary to get up and running. Unless you have a golden parachute, that startup money has to come from somewhere.
You have a couple of options to get that loan, not all of them fun or easy.
First, you can head to your friends and family, begging for thousands upon thousands of dollars that most people just do not have. Second (and more likely), you'll head down to the big bank in your town, dealing with a dozen different representatives who don't have your best interest at heart. Lastly, you can come to us, your locally-owned, friendly, credit union cooperative.
The credit union difference is clear.
We're able to offer our members a personalized experience that the big banks can't hope to compete with. From lower fees, lower rates, and a streamlined loan process, you can be sure that taking a loan from a credit union saves you a huge headache in the long run.
Lower Rates and Fees
Due to our not-for-profit status, Coosa Valley Credit Union can provide loans at a much lower rate than big banks and private lenders. We have far less overhead; no shareholders and no unrelated business ventures.
As a result, our loan structuring is fairly flexible. Not only can we offer loans at lower rates, but there aren't as many fees for our services. While the big bank down the street might penny pinch at every step of the way, you won't have to worry about that with a Coosa Valley Credit Union Business account.
Faster Processing and Quicker Turnaround Times
Final decisions on our loan applications aren't made by faceless banking reps you've never met. They're not made by executives living in a different state without any understanding of the local economy. They're made locally, by someone you've been speaking to every step of the way.
As a result, decisions about small business loans are made much quicker than a big bank might be able to. We've got a small team here at Coosa Valley Credit Union, meaning once you start the process, your loan decisions will come through rather quickly.
It's in a credit union's interest to make speedy judgments, or you might just go shopping for a loan somewhere else. Plus, we have a vested interest in our local community. The more capital small business entrepreneurs can access, the more our community benefits.
Educating You, Every Step of the Way
For many small business entrepreneurs, the loan process can be difficult and confusing at best. Depending on the financial institution, there might be different requirements, credit thresholds, repayment plans, and circumstantial rate changes.
However, a good credit union is ready and available to educate you about your options and how the process might unfold. While every loan is different, the process is relatively similar no matter who is applying.
Coosa Valley Credit Union also has learning resources available where you can educate yourself on loan requirements at your own pace. While many big banks have similar resources, only a credit union will give you the full picture so nothing slips through the cracks at your expense.
Limited Credit History? No Problem
Here at Coosa Valley Credit Union, we value propping up small business owners just starting out for the first time. While you might be worried about your limited credit history, we have a proven track record of setting up new business owners for success.
Also, we're proud to offer a lower credit rating threshold than many competing financial institutions. Good credit unions business partners aren't limited to those with an established, stellar credit history. We know local communities are often driven by people without much business experience, and we think that's the actual fuel for innovation!
Contact Coosa Valley Credit About Your Loan Options Today!
Big bank vs. credit union for small business? The answer is clear. Credit unions can go pound for pound with our big business competitors, every time.
Give Coosa Valley Credit Union a call now to set up your consultation with one of our small business experts. We'll take you through every step of the process, from your loan application requirements all the way through approval and funds dispersal.
Ready to take the next steps to securing your life-changing small business loan? Contact Coosa Valley Credit Union today!