More consumers are now choosing credit unions over traditional banking institutions because of the great services and benefits they offer, such as convenient locations and stability, with the added bonus of owning where they bank.
However, credit unions also offer those same benefits to small businesses, and are a great resource for lending.
“We’re able to say yes a lot of times when others say no because we can look at the whole picture, rather than just reviewing an application,” says Robert Myles, senior vice president of lending/asset protection at Telhio Credit Union. “We really make our lending decisions based on the conversations we have with the business owner.”
There are many types of loans available for small business owners. The Small Business Administration offers three different loan programs based on the needs of your business:
7(a) Loan: This loan program is the SBA’s most common, and includes financial help for businesses with special requirements.
Microloan Program: This program is for small business concerns and some not-for-profit child care centers. It provides small, short-term loans.
CDC/504 Program: The CDC/504 loan program promotes business growth and job creation by giving small businesses alternative financing.
At a credit union, you can get the same great loans and services as at a bank.
In fact, Telhio recently received recognition as the top credit union in Central Ohio (a 60 county‐region) for Small Business Administration loans. Telhio placed sixth among overall banking institutions (a category that includes large national and international banking institutions), making it the only credit union to achieve top-eight status.
The list of top SBA lenders is as follows:
1. Huntington National Bank
2. JP Morgan Chase
3. US Bank
4. First National
5. Key National Bank
6. a) Telhio Credit Union
b) The Community Bank
7. Fifth-Third Bank
Telhio Credit Union is a full-service financial institution open to everyone who lives, works, worships, or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Company, Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers seven branch offices throughout Central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
*Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.