This Insights article was contributed by Courtney Woods, Corning Credit Union Supervisor of Business Services.
When it comes to choosing the right financial institution for your commercial lending needs, a credit union may be the right choice. As a not-for-profit, member-owned financial institution, credit unions focus on providing a more personalized experience for the business owner, an experience that they might not receive at other financial institutions. This approach ensures that business owners’ requests are tailored specifically to them and their specific needs. If you’re considering a commercial loan, we’ve highlighted a couple of key questions to ask yourself when you’re looking for a lender.
Are They Knowledgeable?
The first step to finding the right lender is to do your research to ensure you’re considering a reputable partner. Maybe the lender looks good online, but how are their word-of-mouth referrals? Be sure to dive deeper into your research and ask other fellow business owners about their experiences with partners.
Are They Easy to Work With?
A true lending partner believes in quality customer service, providing a positive experience, and taking a holistic approach to your business. From supporting you and your business, to making the process seamless by working directly with your other third-party entities such as accountants, attorneys, insurance agents, and more, the lender should be to able to ensure your business is taken care of. Additionally, a lender should dedicate time to visit your establishment to fully comprehend how the business functions and ensure understanding of your current and potential future needs.
Can They Support You Long-term?
Look for a lender who can give you a personalized, long-term experience. An institution focused on long-term community partnership can support and grow with your business, while also offering the products and services to help support the business as it continues to evolve. Moreover, a lender invested in a long-term, personalized experience will continue to stay involved and engaged with the local community’s small businesses, community leaders, and spend countless volunteer hours to support growth.
The Right Commercial Lender is Closer Than You Think
At Corning Credit Union (CCU), our mission is to partner with the local community and support its growth. We foster this by engaging with local small businesses, community leaders, and engaging with the community through various events and volunteer opportunities. Our knowledgeable lenders take a boots-on-the-ground approach to understand the business and dynamic marketplace, while also taking a 360-degree approach to support the entire relationship. We strive to understand each business member’s needs and are proactive with products and services that will benefit the member long-term.
To learn more about the benefits associated with joining CCU, click here
Federally insured by NCUA. Membership eligibility required. Loan approval is subject to lending guidelines and credit qualifications.
As a member-owned, not-for-profit, independent financial organization, Corning Credit Union exists solely to serve our members. This means that every dollar invested in CCU is returned back to our members through better rates and lower fees on our high-yield checking account, auto loans, mortgages, and more. For more information visit us at www.corningcu.org.
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