We want to find solutions and will look for ways to say "yes." We are not just going to look at your current financials – not during a pandemic. Not anytime. We're going to look at your financial history and your future potential.

If you were successful before the pandemic, we're likely to believe you can be successful after the pandemic. Our intent is always to find a solution. We want to say yes. This is the entrepreneurial, can-do spirit that I look forward to being a part of when Sharonview Federal Credit Union launches its Business Services unit later this year.

When Big Banks Said No

Years ago, when I worked at what is now Canvas Credit Union in Denver, Colo., we made a loan to a manufacturing business that made a children's toy. This company had the opportunity to acquire another company that made a similar product. But with the tightness in the credit underwriting matrix, they were turned down by three banks before they were referred to us.

We looked at their history of growth, and their success at launching new divisions and new product lines. They started out making one product. Now, they had five products and wanted to acquire a company that had similar products and was adding more.

We saw their successes in marketing, in operations, in distribution. A merger would allow them to reduce some of their costs and the addition of new product lines would allow them growth opportunities.

Within six months of these companies joining forces, sales of new toys at the combined company were up 27% and had become almost 20% of their total revenue.

Had they not found us, they would have lost this opportunity. They also would have had to lay off a large percentage of their workforce. So not only did we help a local company grow, we were also able to save 22 jobs in the process. In this case, we served our member and our community.

What's Your Story?

I think back to 2008 and 2009 when the economy was in a freefall, and I was still in Denver. I know how vital small businesses are to our overall economy. "Small businesses are the lifeblood of the U.S. economy," a 2019 SBA news release read. "They create two-thirds of net new jobs and drive U.S. innovation and competitiveness."

I felt it was important for our credit union to play a role in getting our economy rolling again. We had a bias for saying yes when it wasn't conventional wisdom. That's a common credit union bias – and one thing that separates credit unions from big banks. We want to hear your story, your company history. And we'll take the time to hear it.

A credit union – with our primary focus being serving small business owners and the communities where we live and work – is an ideal financial partner for a small business owner.

Small business owners are relationship-oriented, and so are we. The relationship is everything. All our lending decisions are made locally. We get to know the business owner – not just during the loan process, but later. In real life. We're able to see what they do, touch what they make and buy their product or service.

We're very intentional about servicing our business accounts. We don't just want to be your lender or maintain your checking account. We want to be your customer. At my Denver credit union, we actually created a directory for our internal use so employees knew who our business members were and what services they provided.

If our employees needed a dry cleaner, mechanic or coffee shop, we wanted them to know which of our members provided those services. When I needed any of those things, I was always going to go to our members.

When I wanted a good beer, I made sure to enjoy it at the microbrewery we helped finance. I was thrilled to get to see the manufacturing equipment we helped them buy. That's the personal, one-on-one service a credit union can offer.

This is something I can see us doing at Sharonview, too. And I'd be excited to see how it is received in our organization and our community.

Your Best Interest at Heart

Many times, the aid the business owner requests may not be what we – as a financial institution –  think is right. Because we take a consultive approach, we're able to say: We think this may be a better solution for you.

An SBA loan is one of the tools in our toolkit. And in my experience, credit unions do SBA loans really well. The SBA loan program is there to grant loans to small business owners who may not get approved anywhere else. SBA loans are one of the ways we have to say yes. When there are collateral deficiencies, an SBA loan should be an obvious consideration.

In my experience, credit unions try to give small business members a couple of options when we can, and then let the borrower decide which direction they would like to go.

The suite of products that credit unions have to offer small businesses is very appealing. At Sharonview's two recently acquired branches, we offer free small business checking accounts, including an interest-bearing account. And soon these products and more will be offered at our 17 other locations, too.

Historically, credit unions also offer the best loan rates. That's more money for an entrepreneur to put back into running his or her company.

Credit unions seek to have interactions – not just transactions. And that's generally the philosophy of small business owners, too. We make a great team.

Herb White

Herb White is chief lending officer at the $1.77 billion Sharonview Federal Credit Union based in Indian Land, S.C.