How Credit Unions Help Businesses Thrive

Personalized Financial Solutions

One of the standout features of credit unions like MHV is their personalized approach to financial services. Credit unions have some key differences from traditional big banks:

• Credit unions operate on a not-for-profit basis, which means they can use profits to offer more favorable terms and lower fees to their members.
• Credit unions have a member-focused model of people helping people. 
• Credit unions tend to be regional, which gives them strong ties to local communities.

Taken as a whole, this means that local businesses don’t just get credit union business loans from their friendly neighborhood credit union—they get personalized support from beginning to end.

Competitive Credit Union Business Loans

Securing funding is often the first hurdle for many small businesses. Credit unions can offer competitive business loans designed to meet the unique needs of local enterprises, especially because the heavily localized nature of credit union membership often means the lenders there understand the circumstances and context of a business nearly as well as the business owners themselves.

Whether your business is looking to expand operations, purchase new equipment, or get some assistance managing cash flow, credit unions provide flexible loan options with competitive rates. Their streamlined approval process and local decision-making mean businesses can access the funds they need quickly and efficiently.

Flexible Lines of Credit

Credit union business loans are great, but what if you don’t know how much money you’ll need right away? Credit unions often offer highly flexible open lines of credit that provide businesses with the agility and financial flexibility they need to manage daily operations, handle unexpected expenses, and move quickly into new opportunities without needing to go through the loan process every time they need funds. These lines of credit can be a lifeline for businesses that need short-term financing solutions to maintain smooth operations.

Business Checking and Savings Accounts

Every business has unique financial needs. That’s why the best credit unions offer a variety of business checking and savings accounts tailored to different models.

• Business Free Checking: These accounts have no monthly fees or minimum balance requirements, which makes them ideal for small businesses or startups.
• Business Ultra Checking: Designed for businesses that maintain higher balances, these accounts offer dividends*, which let businesses earn on their funds.
• Money Market Accounts: These accounts offer higher returns than traditional savings accounts, with tiered rates based on the balance, and are ideal for businesses looking to maximize their savings.
• Certificates of Deposit (CDs): For businesses wanting a guaranteed rate of return, these are short-term accounts that can be quite lucrative. MHV’s CDs come with flexible terms ranging from one month to five years.

Much like banks and the FDIC, credit unions are federally insured by the National Credit Union Administration. 

Point-of-Sale Solution 

“Cash only, please,” went out the window in most businesses decades ago. But we live in an era where exclusively accepting credit cards is becoming increasingly uncommon as well. Digital payment methods like PayPal, Apple Wallet, and Google Wallet are growing in popularity.

Expert merchant services offered by credit unions make it easier to offer solutions that don’t just accept credit and debit cards but also provide support for tablet payments, mobile card capture, remote payment processing, and complete remote point-of-sale systems. These services not only reduce a barrier to sales, but they make things more convenient—and therefore more satisfying—for the customer.

Payroll and HR Solutions 

You want to pay your employees, right? Managing HR and payroll can be time-consuming and complex, especially for small, growing businesses. Credit unions can make this easier. For instance, MHV partners with Paychex to offer comprehensive HR services alongside payroll processing. This partnership lets businesses outsource these critical functions, which allows them to focus more on their core operations and less on administrative tasks.

Investment Services

Financial planning is crucial for business owners and their employees. The best credit unions provide access to professional financial advisors who can assist with retirement planning and investment services. This will help businesses, owners, and employees develop strategies to secure their financial futures.

Digital Banking Services

Modern credit unions offer robust online and mobile banking platforms that allow businesses and their employees to manage their accounts 24/7, no matter where they are located. Features like mobile check deposits, eStatements, bill pay, and secure online transfers ensure that businesses can conduct their financial activities efficiently and securely, anytime and anywhere.

Community-Centered Thinking

It isn’t just credit union business loans, digital banking, payroll processing, or other services that make working with a credit union so rewarding. One of the most significant advantages of working with a credit union is the deep commitment to the community. The staff at a credit union isn’t just made up of financial experts; it’s made up of neighbors who understand the local economy and the specific challenges local businesses face.

This community-centric approach translates into better service, long-term working relationships, and a personalized touch where members are treated as individuals, not just account numbers.

If you want to work with a local credit union that has a great deal of experience helping businesses like yours grow and thrive, it’s time to contact Mid-Hudson Valley Credit Union. Let us help you make your business dream a reality.