Is your credit union doing enough to help young entrepreneurs?

by: Manpreet Nat

In 2012 Snapchat CEO Evan Spiegel left Stanford, 3 classes shy of graduation to focus on Snapchat, a mobile app he developed that lets users send photos and messages that disappear a few seconds after they are received. Today, Snapchat has over 100 million active users and Speigel’s net worth is estimated at $1.5 billion.

Initially, Spiegal probably encountered skepticism from those opposed to his decision to leave Stanford. Was he foolish? Some would say so. But he rolled the dice and took a risk. Today he is reveling in that risk as Snapchat continues to gain tremendous market share. Spiegel’s story reaffirms belief in the entrepreneurial spirit of America. Most importantly, it tells the story of a young adult who built an empire from scratch.

What is your credit union doing to promote the entrepreneurial spirit in young adults? Lending has always been the obvious solution. After all, capital investment is especially critical during the early stages of any business. According to an August 2014 report by the National Association of Federal Credit Unions, credit union member business loans have grown 60 percent since 2008.

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