Your bank matters. Whether you're looking for a mortgage, a car loan, or opening a new savings account, who you choose to bank with has a ripple effect on the economy. Whether you feel those effects locally or nationally is up to you.
When you choose a credit union for your banking needs, the benefits to your local community are boundless. From supporting small businesses to helping your friends get that car they need to get to their job, credit unions work for locals, by locals. Full stop.
If you're tired of faceless interactions with the big banks where you feel like just another number, keep reading. We'll take you through the ways a local credit union supports you and the local community you care about. Call Coosa Valley Credit Union today!
What Is a Local Credit Union?
While you may have already heard of a credit union, you may be wondering, "What is a local credit union?"
A credit union is a locally operated, not-for-profit financial collective owned by its members. In other words, it's a small bank that's owned by the very people who have accounts and bank with it.
As a result of its not-for-profit status, credit unions are able to redirect earnings back into financial services for their members. There aren't any shareholders to appease, meaning all profits taken from interest on loans are funneled directly into bettering your banking experience.
Reinvesting in the Local Community
Since credit unions deal directly with the communities they serve, there is a much higher chance that the money lent out stays within the local economy. From car loans to mortgages, community investment doesn't always come from large companies moving into town.
Here, we'll take you through the pros of credit union banking and the positive impacts it can have on your community. Contact Coosa Valley Credit Union to learn more!
Supporting Small Businesses with Favorable Loan Structures
When small businesses thrive, the local economy thrives. In fact, a post-pandemic study found that small businesses account for a greater proportion of job growth in the US than big businesses in recent years.
Due to low overhead, personalized assistance, and not-for-profit status, a credit union is better positioned to offer amazing low-rate loans to small businesses in the area. A beneficial loan rate can make or break a small business plan, and the big banks aren't as willing to help as we'd like.
A great credit union will work with your small business to come up with that ideal repayment plan. You may prefer a lower monthly payment over the first year while the operation gets up and running, then a higher one moving forward. Your specific financial needs should be your bank's main priority, not the other way around.
Whether you run a pet grooming studio, a neighborhood grocery store, or a child care center, you know that the dollars your small business generates go straight back into your community. Entrepreneurship matters, and your local credit union knows that.
Lower Rates for Car Loans, Mortgages, and More
Most people need some financial help to buy that new car or their first home. Those types of loans given to individuals in your community directly affect how they go about their lives.
If you choose a big bank, your money gets taken out of your neighborhood and into shareholder pockets. However, banking with a local credit union means your interest payments are paid back into your community. It can impact whether your neighbors have a roof over their head and a functioning vehicle to get to work.
Everyone knows that a neighborhood full of people with the means to achieve their financial and personal goals is a healthy neighborhood. And a healthy neighborhood starts with your local credit union.
For Locals, By Locals
So, is there a benefit to banking local? Credit unions are owned and operated by the same local people who contribute money to savings accounts, take out loans for businesses, and pay back mortgages and car payments.
Not only that, but the people who staff your local credit union offices are often people who live right there in the community you're a member of. The people who have the power to approve or deny your loan aren't located in some far-flung city five states away, they're living right here.
There's a reason why people trust their credit union more than a national conglomerate. Credit unions run by your neighbors mean your money stays where it's needed most: in the neighborhood.
Ready to Support Your Community? Call Coosa Valley Today!
Banking with the local CU is more than just a personal touch and friendly, familiar faces. The financial help you receive from a credit union has a positive impact on your local economy and the community at large. Coosa Valley knows this and is here to help you thrive!
The local advantage is clear. Contact Coosa Valley Credit Union to see what we can do for you and your community. Let's be the positive change you want to see for your community, together!