Local banks are being gobbled up at a fast clip, but there's still time to grab credit.
Alix Stuart, CFO Magazine
April 1, 2011
Finding credit!! Seems like the local banks are the most liberal with it too so this is def a concern
Posted by David Harriger | April 08, 2011 08:05 pm
Many credit unions now provide business banking services and can well meet the needs of small to mid-sized companies for checking, merchant banking, and even business lending, along with electronic banking, credit cards, etc. Credit unions are community-based financial institutions managed to meet the financial needs of the members-- that's right, members who own it -- not "customers." Plenty of former business bankers who have been shoved out of work through bank consolidations have joined credit unions and understand serving the needs of business members. General information about credit unions of help in finding a suitable credit union for membership is available at Credit Union National Association (CUNA), a national trade association serving credit unions. www.cuna.org. In my accounting practice, I always mention several local credit union options to my clients when they are seeking banking services. I tell them to compare what the CUs and local banks for services, fees, and convenience. CUs are not the best financial solution for every business, but many find that this is a good way to go, especially when they want a local "banker." By way of disclosure, I serve as the Chair of the Supervisory Committee of SECU (formerly the State Employees Credit Union of Maryland.)
Posted by MARIA THOMPSON | April 04, 2011 11:57 am© CFO Publishing Corporation 2009. All rights reserved.