Search
 
Expert Opinion

5 Steps for Credit Unions to Better Serve Small Businesses

Many FIs aren’t providing small businesses with the same product offerings and level of service available to large enterprises.

By Douglas Brown | November 18, 2022 at 09:00 AM
CDFIs helping small businesses Source: Shutterstock.

Small businesses make up 99.9% of all U.S. businesses and account for 66% of employment growth, according to the U.S. Small Business Administration. Yet, when it comes to their banking needs, the small business market remains vastly underserved, especially when considering digital capabilities.

At the beginning of the pandemic, financial institutions were quick to support small businesses, offering relief loans through programs like the Paycheck Protection Program (PPP) and working to offer flexible service options for a remote world, including standing up order-ahead experiences and contactless payment options. Financial institutions were quickly creating a digital presence where there previously was none. However, that momentum has since slowed.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.