Signing on more small businesses and a boost in deposit and loans are a few of the payoffs that have occurred since Alabama Telco Credit Union revamped its business services program last year.
The $610 million credit union in Birmingham, Ala., said through a new product lineup featuring merchant services and more deposit and loan options, it has been able to expand its business portfolio by more than $9.9 million in business deposits and $9.6 million in business loans since March 2012.
Alabama Telco recently helped the owner of a local manufacturing company refinance his building loan, which will save him $15,000 a year for the next five years, said Julie Thomason, business development officer. He plans to use the $75,000 he’s saved to expand his business and increase revenue, she added.
“It’s been rewarding to see how much we’ve been able to help our local businesses. We have heard so many success stories since our new program launched,” Thomason said.
Glenn Sasser, owner of A Plus Silk Screen in Odenville, Ala., and a member of Alabama Telco, was profiled by Credit Union Times last fall. Turned down by a number of banks to help grow his business, Sasser was able to expand thanks to financing and other services provided by Alabama Telco.