INDIANAPOLIS – Member demand prompted Indiana Members Credit Union to expand its nearly three-year old business services program to much success. The $940 million CU launched its business deposit program in 2001 and in 2003 began adding real estate, equipment and business car loans as well as account receivables, credit card merchant services, attorney trust checking accounts and lock box services. "Once the credit union communicated that (it) offered business services, members were quick to react (and) the interest has been overwhelming for all of us," said Ron Collier, CEO of Indiana Members Credit Union (IMCU). "We've recently added additional qualified staff in that area just to better serve our business members' needs." The CU now has 67 business loans open totaling $13 million and 1,500 business accounts, according to Joe Bennett, IMCU public relations and advertising director. To keep up with the demand, one employee was hired to serve business deposits and generate new loan business, bringing the total staff count to three in the business services department. Banks have complained that credit unions are getting into their business by offering business services, the CU said. The truth is credit unions are "small players in the financial services industry, and they minimally affect other financial institutions." "Offering business financial services for credit union members is mostly about convenience," said Donna Hasty, IMCU vice president of credit union development. "Members want to do both their personal and business banking at the same place. Our business members are busy people who are just looking to save time." The CU is not a SBA lender but that hasn't stopped it from serving small businesses from all over the spectrum including physicians, dentists, asphalt companies and storage facilities. IMCU plans to continue to develop business services for current members and nonmembers. "The move to business services for credit unions was a natural progression," Collier said. "The decision to offer business services was brought on by continuous requests from our members. We're just giving our members what they ask for. That's what credit unions do, we listen to our members, and we serve the needs of our community." -

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