Why do credit unions want to compete in the small business banking landscape?
For one, the average credit union business loan size ($290,000) is larger than the average consumer loan and even some mortgages. And two, the fee income on business deposit accounts can be very attractive.
Most likely your credit union has members who are small-business owners. For many credit unions, 5-15 percent of members own a small business, Devine said.
How can credit unions compete in the small-business banking landscape?
“Arming yourself with educated, better-prepared people is your best competitive advantage,” said Bob Hogan, president/COO of Hipereon.
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