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BOSTON — A mere 9% of small businesses consider credit unions to be their primary financial institution–this at a time when major financial institutions continue to ramp up efforts to reach this pivotal market segment.

That’s according to a new report from Aite Group titled How Can Credit Unions Succeed in the Small Business Space, which surveyed 101 credit unions with more than $100 million in assets. Aite estimates that community banks and the “Big Five” banks (Citibank, Bank of America, Wachovia, J.P. Morgan Chase, and Wells Fargo) were the top choice for primary financial institution at 32% of small businesses, large regional banks are favored by 23%, credit unions by 9%, brokerage firms by 3%, and other providers by 1%.

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