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CU System
Article Missouri CUs a solution for small businesses
ST. LOUIS (1/10/08)--An article in the January issue of the St. Louis Small Business Monthly touts the financial solutions that credit unions offer small businesses. The article is authored by Kelley Tyson, marketing coordinator at 1st Financial FCU, a $164 million asset, St. Charles, Mo.-based credit union. Many small businesses are unaware that they have another choice besides banks for financial services, the article points out. To keep up with members’ needs, 1st Financial began offering business banking accounts. “Many of our business accounts came directly from members conducting their business through personal accounts,” Joe Elder, director business service at 1st Financial, told the journal. “They were happy with the level of service they received from us, and they didn’t want to add another financial institution to their busy lives.” Many of the St. Louis area credit unions that offer business banking cater to small businesses, startups and home offices, while many local banks continue to accommodate medium-sized businesses. The result is that some small business owners are left with few financing options, the article said. “As more banks merge, the small-business owner has been getting lost in the shuffle,” said Andrew Dodge, associate vice president of business development at the $112 million asset Arsenal CU in Arnold, Mo., in the article. “We’re here, we listen, we’re rooted in the community, and the success of the local businesses is of paramount importance to us. Without a healthy, thriving business community, our neighborhoods suffer, and we suffer. We live here, we work here; this is our life.” Kathryn Chillson-Strinic, branch manager of Electro Savings CU’s Wildwood, Mo., branch, added: “We’re not limited in our decision-making. We don’t turn down small-business requests simply because they don’t meet a list of predetermined criteria.”
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