Community Series: Part 3
Strong communities are built on strong local businesses. From family-owned shops to innovative startups, small businesses drive economic growth, create jobs, and give neighborhoods their unique character. As a member-owned financial institution, IC Credit Union reinvests locally, making support for small business a core part of how we serve our community. For us, this is more than a mission—it’s part of who we are.
Here’s how we, and other credit unions, help small businesses thrive.
Access to Affordable Financing
Small business owners often face challenges securing loans from traditional banks. Credit unions offer business financing as part of their local lending model, providing access to loans designed to meet the needs of smaller, community-based enterprises.
These financing options can help local businesses:
- Purchase equipment or inventory
- Expand their operations
- Manage cash flow
- Invest in new ideas
By offering flexible lending solutions, credit unions help entrepreneurs move forward with plans that support sustainable growth.
Personalized Guidance
Because credit unions serve defined communities and member groups, they take the time to understand each business owner’s unique goals, challenges and local market conditions. Whether it’s crafting a business plan, discussing financing options, or navigating finances efficiently, our staff provide guidance tailored to the local market and economic conditions, rather than generalized national benchmarks.
This relationship-based approach allows business owners to receive support that evolves as their business grows.
Community Partnerships
Credit unions actively partner with local chambers of commerce, business associations, and economic development programs. These collaborations provide networking opportunities, educational resources, and mentorship to help entrepreneurs grow and succeed.
By working alongside community organizations, credit unions help ensure that business support extends beyond financing alone.
Supporting Local Economies
When credit unions fund local businesses, those dollars stay within the community.
Loans and financial services support jobs, encourage reinvestment, and help circulate money locally, contributing to a stronger and more resilient regional economy.
This cycle of local lending and local growth benefits business owners, employees, and residents alike.
Your Membership Makes a Difference
Credit union membership is typically based on a shared community, workplace, or relationship, and member deposits play a direct role in supporting local lending. By banking with a credit union, you’re doing more than managing your money; you’re supporting local businesses and the entrepreneurs who make your community unique. Your deposits help fund loans and programs that empower neighbors, create jobs, and keep the local economy thriving.
If you’d like to learn more about how your credit union supports small businesses or explore ways we can assist your own entrepreneurial goals, we’re here to help.
Visit our Get in Touch page to connect with us anytime.
