Credit Unions
Credit unions are owned by the members or employees. They can be owned by a company or other group for the benefit of their members. The reason Credit unions exist is largely to give better benefits to the members. Credit unions have special regulatory requirements that can possibly allow them to offer favorable interest rates and other terms when compared to a bank. The amount you can borrow from a Credit union will probably not be as large as a conventional bank. Even though a Credit Unions supply of money may not be as large, it can be a big helpful in funding purchases for your business that you otherwise may not be able to afford.
© 2001 Missouri Innovation Center