Community News

Friday, August 2, 2013

Small business a big focus for credit unions

When it comes to meeting the financial needs of small- and medium-sized enterprises (SMEs), no financial institution works harder than credit unions.
According to the 2012 Finance and Banking Needs research report, released earlier this year by the Canadian Federation of Independent Business (CFIB), credit unions outperformed all banks in serving the SME market, with a top-ranking overall score of 7.4 out of 10. SMEs also rated credit unions higher than banks in the individual categories of financing, fees and account management.
“We are thrilled, but not surprised, that Canadian credit unions were viewed so positively by small businesses,” said David Phillips, the president and CEO of Credit Union Central of Canada. “Credit unions are advocates for small business members, with deep roots in the communities they serve and a commitment to helping local businesses prosper. Their success is our success.”
Among small businesses (five to 49 employees), credit unions earned a top score of 7.4 out of 10. With mid-sized businesses (50 to 499 employees), credit unions achieved a score of 8.5 out of 10.
“The results are a testament to the wide appeal of credit unions among small businesses of all sizes,” Phillips said. “Canadian small businesses understand that credit unions care about what they care about — a willingness to lend, reasonable fees that reflect service level and quality, accessible account managers who understand their financial needs, and personal service that reflects the human touch.”
If you own a small business and would like more from your financial institution, why not stop in and see us? We look forward to working together with you.

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