With Hard Cash, CUs Back Small Business Cash Mobs: Print Preview
- Supporting local businesses primary goal of cash mobs.
- Some hope participation will pay off through more business members.
- Effort helps mom and pop shops continue to compete against large chains.
When supermarket giant Whole Foods Market opened a store in a Sacramento neighborhood, a local food co-op immediately noticed a dip in customers.
Mountain CU has 133 business checking accounts totaling $1.1 million, according to Dana Thompson, marketing director. The credit union does not offer business loans, instead, choosing to see how legislation to raise the current 12.25% of assets member business lending cap to 27.5% will play out, said Angel, who has been involved in lobbying efforts in Washington.
Meanwhile, Mountain CU is gearing up for its next cash mob and has no problem with referring members seeking business loans to local banks, Angel pointed out.