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Despite Efforts, CU Small Business Market Penetration Undersized

BOSTON -- Even as more credit unions are reaching out to the small business market, a just-released Aite Group report revealed that only 9% of small businesses consider them their primary financial institution.

By Michelle A. Samaad | Updated on February 06, 2008

BOSTON — Even as more credit unions are reaching out to the small business market, a just-released Aite Group report revealed that only 9% of small businesses consider them their primary financial institution.

The report, How Can Credit Unions Succeed in the Small Business Space, surveyed 101 credit unions with more than $100 million in assets. Eighty-one percent of respondents said they do not have a dedicated small business banking offering and instead, offer small business customers a retail banking solution. But 68% said they are currently focusing more attention on building up their business banking products and services than in the past.

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