MERRIFIELD, Va. – When it comes to its business services division, Navy Federal Credit Union isn't of the ilk that competitive rates are what will always bring members in the door and keep them there.
The $25 billion credit union strongly pushes impeccable member service and a full array of products and services, all in the quest to be that small business owner's primary financial institution, said Jim Salmon, assistant vice president, business services for Navy Federal Small Business Services.
Since the division's launch in April 2004, more than 5,000 business members have amassed $20.1 million in deposit accounts here. The credit union has 584 loans totaling $67 million with the majority of that in investment properties. Consistent with the range prevalent throughout the industry, the average investment property loan is $116,000 and the average business loan is $32,000, not the mega millions that most banks garner. It has also partnered with Newtek Business Services to bring SBA 504 loans to members.
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