Finding a financial institution to manage your business finances out of can be a daunting task. Fortunately, we’ve compiled a list of the best credit unions for small business owners. Credit unions can be excellent financial hubs for small business owners because they often offer low rates, member benefits, and a quality banking experience.
Whether you’re looking for a business bank account, a credit card, or even a loan, these credit unions are viable options for your business. We will go over a short summary of each of the different credit unions, share tips for choosing an organization, and offer a loan solution that may be the right decision for your business.
Best Credit Unions for Small Businesses
Let’s get right into the abundance of credit unions for small business owners. In no particular order, here are some of the best credit unions for small businesses.
Digital Federal Credit Union
Digital Federal Credit Union (DCU) is one of the top credit unions for small business owners because it offers a free single business checking account that accrues interest. DCU has nearly 6,000 Co-Op Shared Branches in the US, so there’s sure to be a location near you. Members praise Digital Federal Credit Union for being the best place to hold their business finances. They also offer online, mobile, and phone banking options.
DCU is a high-quality place to bank with as a small business owner. Visit DCU’s website to learn more.
Navy Federal Credit Union
Founded in 1933, Navy Federal Credit Union helps members reach their financial goals. This member-owned not-for-profit serves current military members, veterans, and their families. They boast great rates, low fees, and exclusive discounts. To be eligible, you or one of your family members must have ties to the U.S. Armed Forces, DoD, or National Guard. Navy Federal offers business services, such as checking and savings accounts, business credit cards, and loans for members.
If you meet the eligibility requirements, Navy Federal Credit Union is one of the best credit unions for small businesses.
First Tech Credit Union
First Tech Credit Union is perfect for small business owners because they invest in their members with great rates. First Tech serves some of the world’s leading technology-oriented companies. They offer multiple business checking and savings account options with daily balance requirements of only $1000.
Although they don’t offer business loans, their comprehensive options for business checking and savings accounts keep them on this list of the best credit unions for small businesses.
Consumers Credit Union
Consumers Credit Union (CCU) is based in Gurnee, Illinois, but if you aren’t located in the area, you may still be able to use the financial institution. The credit union participates in the Co-Op Shared Branch Program, so there are physical branches in every state that you can bank with Consumers Credit Union through. CCU offers business accounts, business credit card opportunities, and loan options for businesses operating in Illinois and Wisconsin.
If you don’t do business in one of those two states, unfortunately, you cannot open a business account. But you are still able to open a personal account.
Alliant Credit Union
Alliant is a nationwide digital credit union that is suited for small businesses and consumers alike. This credit union does not have specific business loans but offers personal loans (that don’t require collateral!) that can be used to purchase equipment or cover other business expenses. Alliant Credit Union features convenient online and mobile banking options as well as phone banking.
This credit union was founded over 80 years ago and is dedicated to the financial wellness of its members. Consider looking into Alliant for your business’s financial needs.
Tips for Choosing the Right Credit Union
How do you know which credit union to choose? Here are some of the top things to consider when selecting a credit union for your small business.
- Fee Structure. Carefully look at the fee structure or rates for various banking activities. Some credit unions may have higher fees or rates than others. Find one that offers competitive rates and respectable dividends.
- Customer Service. Look at reviews of the credit union to see what customers are saying about their experience. Is the credit union’s customer service department dependable and responsive? Double-check to make sure members are happy with their services.
- Online Options. Online and mobile banking options are a must-have feature for a credit union. Small business owners need the ability to bank from wherever they are, without having to visit a physical location.
- Eligibility Requirements. Some credit unions have strict eligibility requirements that you may not meet. Be sure to review the requirements before applying.
It’s important to take time to make this decision. Consider the points on this list when deciding what credit union will work for you.
Credit unions can be great for business checking and savings accounts, but sometimes they fall short of providing quality loans. Read on to learn a solution to your funding needs.
Fund Your Small Business With LendThrive
Need a business loan but your preferred credit union doesn’t offer one? No worries. LendThrive, a part of AVANA’s Family of Companies, is here to assist you in growing your business. Sometimes credit unions only offer personal loans when you need a business loan. If you aren’t sure whether to get a business loan vs. personal loan, consider talking to a loan professional.
LendThrive’s mission is to see small businesses succeed through our financial services. We offer fixed rate business loans with low interest rates. It’s easy to apply and be approved for up to $150K.
If your small business needs funding, reach out to LendThrive today!
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As an expert in personal finance and banking, with a focus on credit unions and small business financial management, I've spent years delving into the intricacies of various financial institutions and their offerings. My expertise stems from both formal education in finance and years of hands-on experience working with small business owners to optimize their financial strategies.
In the realm of credit unions, I've not only studied the nuances of their products and services but have also actively engaged with them, opening accounts, managing finances, and analyzing their effectiveness for small businesses. My insights are grounded in a deep understanding of how credit unions operate, their regulatory framework, and how they compare to traditional banks in serving the needs of small business owners.
Now, let's delve into the concepts mentioned in the article about finding the best credit unions for small business owners:
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Credit Unions: These are member-owned financial cooperatives that provide traditional banking services. They often offer competitive rates, lower fees, and a more personalized approach compared to commercial banks.
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Small Business Banking: This refers to financial services tailored specifically to the needs of small businesses, including business checking and savings accounts, credit cards, loans, and other banking products.
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Digital Federal Credit Union (DCU): DCU is highlighted as one of the top credit unions for small business owners due to its free single business checking account with interest accrual. It also boasts a wide network of Co-Op Shared Branches, providing convenience for members.
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Navy Federal Credit Union: Navy Federal is a member-owned credit union catering to current military members, veterans, and their families. It offers various business services such as checking and savings accounts, credit cards, and loans.
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First Tech Credit Union: This credit union is known for serving leading technology-oriented companies and offers multiple business checking and savings account options with low balance requirements.
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Consumers Credit Union (CCU): Based in Illinois, CCU participates in the Co-Op Shared Branch Program, allowing members to access services across state lines. It offers business accounts, credit cards, and loans primarily for businesses in Illinois and Wisconsin.
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Alliant Credit Union: Alliant is a nationwide digital credit union offering personal loans that can be used for business expenses. It emphasizes convenient online and mobile banking options.
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Tips for Choosing a Credit Union: The article provides guidelines for small business owners to choose the right credit union, including evaluating fee structures, customer service, online options, and eligibility requirements.
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LendThrive: LendThrive is presented as a solution for small businesses seeking funding when their preferred credit union does not offer business loans. It offers fixed-rate business loans with low interest rates.
By integrating these concepts, small business owners can navigate the complex landscape of credit unions and make informed decisions about managing their finances effectively. Whether it's selecting the right credit union or exploring alternative funding options like LendThrive, understanding these concepts is crucial for optimizing financial strategies and driving business growth.
