In the ever-changing world of business, each decision you make has the power to influence both your company and the communities you serve. Whether you’re launching, expanding or managing a business, having trustworthy advisors by your side is key to making the best decisions. Your choice of where you bank can have a big impact on your business.
What sets credit unions apart from banks is that they are member-owned, not-for-profit cooperatives that exist to serve their members. Being a not-for-profit organization that focuses on taking care of members rather than making a profit means credit unions can provide lower account balance requirements, fewer fees, higher savings rates, customized lending solutions and a genuine commitment to shared success.
“The whole credit union movement is about people helping people. We actually care about their success, helping them meet their goals, and enrich their lives by making a big difference,” says Cara Teeple, vice president of business services at ProFed Credit Union.
A true business banking partner takes the time to understand your unique challenges and opportunities, provide personalized advice to help manage cash flow, navigate financial decisions, and achieve your goals in today’s competitive market. Many credit unions stay innovative by providing advanced digital banking features such as remote deposit, ACH payroll and collections, extensive ATM networks, and merchant services, allowing businesses to manage transactions anywhere, at any time.
Banking with a credit union goes beyond simple transactions; it’s about building meaningful relationships. It means connecting with other members, engaging with local communities and working toward a shared vision for a brighter future. Credit unions prioritize community focus, help businesses connect and support regional economic development. By banking with a credit union, companies not only gain financial benefits but also contribute to their community’s growth and prosperity.
Teeple recalls helping people get off to a good start by opening a first savings account, applying for a credit card, financing a car, buying a first home and setting up a small business. One customer, in particular, recalls she didn’t have a clue how to do these things, and now she’s a successful business owner.
Choosing to work with a credit union allows businesses to gain access to competitive financial products and join a community-focused movement built on collaboration and social responsibility. It embraces the idea that every member, regardless of their size, deserves a say in their financial future. Credit unions not only provide expert financial advice but also offer educational resources for business owners and their employees.
“We see a definite need because there is a large gap in financial education. Many are not learning about managing finances in school or at home. That’s where we step in to fill that gap. Everyone has different skill sets, and although not everyone is good at finance, everyone can learn,” Teeple says.
ProFed Credit Union offers free in-person workshops and online education at profedcu.org on topics such as business planning, personal budgeting, credit repair, and purchasing a car or house.
“When people get control of their finances, the feeling of freedom is immeasurable,” Teeple says. “As you think about your business financial strategy, consider a credit union. Business success goes beyond financial gains; it’s about the impact we make, the communities we support, and the legacies we leave behind. Together, we can foster a more inclusive, equitable and prosperous world for everyone.”
Teeple has been with ProFed Credit Union for 29 years. Founded in 1933, ProFed maintains 13 branches across northeastern Indiana. For more information or to open an account, go to profedcu.org or call (800) 752-4613.
Why Businesses Bank with Credit Unions
