LOMBARD, Ill. — Credit unions are sandwiched in between leasing companies and insurance companies as the provider of choice for small business owners, according to a new survey.

Raddon Financial Group’s SPSG Spring 2007 Lending and Small Business survey showed that 92% of small businesses use a commercial bank as their financial institution. Credit unions were tied with leasing companies at 7% and insurance companies were used by 8% of respondents. Next to commercial banks, finance companies came in second at 30%. The numbers get even smaller for credit unions when respondents were asked about their “primary” financial institution. Only 1% use credit unions compared to 92% for commercial banks, 6% for savings banks and 2% for savings and loan associations.

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