Despite having a small percentage of business members, some credit unions believe they are now better positioned to grow their penetration in the small business market than they were prior to the start of the financial crisis a few years ago.
Aite Group revealed that forecast in a new report, "The Small Business Strategies of U.S. Credit Unions." The data also showed that 17% of credit unions believe small businesses will make up between 1% and 30% of their total member base three years from now, compared with only 4% that have achieved this to date.
Still, business members represent a small percentage of credit unions' total member base–less than 10% of the membership for approximately 62% of survey participants. In many of those cases, the percentage is less than 5%.
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