Although credit unions are not typically known for business relationships, Consumers Credit Union is up to the challenge of shifting your way of thinking when it comes to your business needs. It has a full business suite of products to support you and your business, no matter the size.
While Consumers Credit Union has been supporting businesses for many years, it has been a hidden gem to many. While growing at record speed, partially due to recently merging with Andigo Credit Union, Consumers has more than quadrupled in size in the past 10 years while keeping the community needs first. They have a personal touch that you typically do not get from a big bank. Real people answer the phones, read the online secure messages and help meet the daily financial needs of their members.
Business deposit accounts were restructured in 2019 to fit the needs of the local business community. The Freedom Checking account was created to offer a no-minimum balance account for startup business ventures and for those that pour their profits back into their company.
The Power Business Checking account was designed for businesses that have a higher balance so they can earn dividends. Consumers Credit Union recognizes nonprofits and their need for flexibility offering accounts with no minimum balance requirements that earns dividends so they can earn money while raising money. For the local large corporations with a lot of transactions, they have a fully analyzed Choice Checking account which offers an earnings credit to help offset account fees.
"When creating these business deposit accounts, we took a step back to consider the businesses in the area and how we can support them from inception and as the business grows and matures. It was important we put the people and their businesses first, and the bottom line second," said Julie Macaluso, treasury management specialist. "We want to be the first place people think of turning to for both their personal and business financial needs."
And deposit accounts are not all Consumers Credit Union offers. The commercial loan offering is extensive. Owner Occupied and Non-owner Occupied Commercial Real Estate Mortgages as well as Residential Investment Real Estate Mortgages are popular. They have an expertise and extensive knowledge in commercial loans for multifamily buildings. The members of Consumers enjoy competitive rates and structures with no prepayment penalties. The loan officers at Consumers work with their members every step of the way to ensure a smooth process start to finish. They are very knowledgeable and take pride in finding a structure that will meet the member's needs and future goals.
"Being a not-for-profit financial cooperative allows us to take a long-term approach to what we do," said Matt Hancock, vice president of commercial lending. "We aim to create lifelong relationships with our commercial members while recognizing they are not only the owners of their own business; they are owners of the credit union."
Consumers Credit Union is owned by its members and strives every day to meet the needs of its business community while providing the highest quality service possible. They take pride that as they grow, they do not lose sight of the ultimate goal -- to be a pillar in the community.
• For more information visit https://myconsumers.org/business or (877) 275-2228.