Small businesses come in many different shapes and sizes, ranging from digital designers and medical offices to construction companies and specialty retailers. In 2022, a SmartAsset study discovered San Luis Obispo County was ranked 10th for having the highest small business income in California. But when they need financial support, who can small business owners trust with their assets?
Credit unions aren’t just for individual members. As a community-based institution, we work to serve business members at various stages of their growth. From dedicated service to local loan decisions, credit unions work to help your business thrive and grow our local economy. Here are five ways credit unions work to support your small business.
1: Access to Credit in Your Community
A credit union answers to its members, not Wall Street. Lending decisions are made locally by people in your community, featuring lower interest rates compared to banks and other financial institutions. Whether you are looking at a business loan to grow your capacity or a vehicle loan for greater reach, SESLOC offers low fees, competitive rates, and simple pricing. When small businesses win, everyone wins – that’s how members help members.
2: Personalized Attention for Your Business
When you turn to the SESLOC Business Services Team, you’re not talking to someone from out of town who doesn’t know your business or how it fits in the local economy. When you call or make an in-branch appointment, you’ll meet with someone one-on-one who can help you determine which products are right for your business and help you make smart financial decisions.
3: A One-Stop Shop No Matter Where You Are
Whenever you need extra support, credit union branches are here for you. Simply walk in during business hours or make an appointment online to get help with deposits, open accounts, or access to cash. And if you need an ATM after hours, you can use any CO-OP ATM nationwide with no surcharge fees. Find an ATM near you!
4: Account Access Online and on Mobile Devices
Digital account access isn’t a luxury – it’s a necessity in today’s interconnected world. Credit unions invest in best-in-class digital services each year to ensure you have access to your accounts 24 hours a day, every day of the year. With one login, you can see where your share savings, checking, and loan balances are from your computer or phone, along with access to additional financial tools to help you with tough money decisions.
5: Lower Cost of Account Maintenance
Large financial institutions often charge high service fees ranging from maintenance fees for having an account, overdraft fees if you exceed your checking balance, and ATM fees for getting cash out of the wrong bank. Instead of charging exorbitant fees, credit unions return value to their members through zero fee or reduced fee policies. Our Basic Business Checking has no monthly maintenance fees if you maintain a minimum daily balance of $1,500 and no ATM surcharge fees when you use a SESLOC or CO-OP ATM. Refer to our Business Fee Schedule for more information.
Your business works to serve the community through creating jobs and offering a unique set of products and services. Let your community serve you back when you work with a credit union.
SESLOC’s business team is here to help you make the most of your finances and help your business thrive. Contact us today to learn more about the unique services our credit union can offer.
