According to the U.S. Small Business Administration, small businesses make up 99.9% of U.S. businesses, employ 47.1% of U.S. employees and produce 60% of job growth. While COVID-19 forced many to close, it also brought a flood of new business applications. In 2020 alone, more than four million business applications were filed, up 24% over 2019 and 51% over the 2010-2019 average, according to the U.S. Census Bureau.

Given the squeeze that many credit unions are feeling as deposits move and loan growth slows, businesses present a ripe opportunity. Historically, large banks have dominated the commercial banking market, but technology and the latest digital capabilities are leveling the playing field. However, technology has also made it possible for digital disruptors like neobanks and alternative financial service providers to gain market share.

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