Small businesses are the economic foundation of towns and neighborhoods, driving job growth and bringing energy and vitality to communities.
With their local roots, relationships and market knowledge, credit unions ought to enjoy a competitive advantage in providing financial services to local businesses. Yet, credit unions have yet to fully tap the small business market as large banks account for about three-quarters of the small business financial services market.
Taking productive steps to develop strong and lasting relationships with local businesses should be an essential part of a credit union's strategy to increase market share, revenue and meet the needs of small businesses. In order to compete and grow, credit unions must be able to efficiently deliver small business customers the right products at the right price, via personalized experiences designed to keep small businesses with the credit union.
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