The perfect financial partner for small businesses
For generations, families have pitched in to operate their own business. And while we may refer to what they’ve built as small businesses, their impact on the economy is anything but small. As we observe National Mom & Pop Business Owners Day on March 29, it’s worth noting that those “small” businesses are responsible for creating roughly 66 percent of America’s new jobs each year. They also rack up 54 percent of all business sales in the U.S. In fact, many of America’s biggest companies began as small businesses.
Did you know that Indiana Members Credit Union offers a complete array of financial services to businesses? For example, we have checking and savings accounts, treasury management services, health savings accounts for employees, and more, all designed around the needs of smaller companies.
A frequent challenge for small businesses is obtaining financing to support growth. Business owners may be confident that expanding their facilities, buying a new piece of equipment, or adding a new type of inventory will allow them to increase their sales and profits. But when they try to obtain financing for those strategies, the options aren’t good. Their business (or their objective) may be too small to meet the needs and requirements of a commercial bank. They could use credit cards, but the interest rates on many cards are ridiculously high.
That’s where a credit union like ours can help. We welcome the opportunity to help smaller businesses obtain the financing they need. And unlike credit card companies, we provide those loans without charging exorbitant interest rates. That’s because we’re a non-profit organization that’s more focused on creating long-term relationships with members than on trying to make as much money as possible.
We also offer lines of credit for businesses. Unlike a traditional loan, in which you borrow a set amount of money for a specific time and pay a certain amount every month, with a line of credit, money is available to your business when you need it, up to a maximum amount. That way, if you have a short-term need for extra cash, such as during a slow time of year, you can tap into your line and pay it back gradually.
What can Indiana Members Credit Union do for your small business? Find out by talking with one of our business services representatives at 317-554-8105.