11 Small Businesses Helped by Credit Unions
From providing a micro loan to get a food truck up and running to approving capital for a disabled member’s rehabilitation startup, credit unions continue to help small businesses.
Many of them, some owners have said, were flatly turned down by several banks.
Alice Brown turned an injury from a head-on car crash into an innovative knee brace through her new company, In The Groove, thanks to the $675 million Wildfire Credit Union.
Facing cost overruns and construction delays, Mink Chocolates was on the verge of closing down for good.
Four loans to refinance two commercial properties, buy new equipment and expand from the $563 million National Institutes of Health Federal Credit Union in Rockville, Md., have helped Histo-Scientific Research Laboratories Inc. since the company formed in 1999.
More than $1 million in loans from Affinity Federal Credit Union in Basking Ridge, N.J., has helped the 15-year old DeSantis Construction grow.
Right on the cusp of opening for business, Rolling Clean Car Wash needed some working capital to get the operation off the ground.
A 2008 tornado nearly destroyed Troy Elevator, an 84-year old Bloomfield, Iowa, grain storage company.
In 2010, the $62 million American Spirit Federal Credit Union approved the first SBA loan financed through a Delaware credit union to Queen Bee Beauty Supply.
The owners of the Bagel Factory said were frustrated when Bank of America turned down their request for a loan to open their business.
When the nation’s economy started to take a turn for the worst, Jamiel’s Shoe World, Rhode Island icon for 75 years, faced serious debt and a possible closure.