It can be very difficult for small business, a family-owned business, a startup or an entrepreneur with a great idea in Helena, MT to find a bank or a financial institution to extend credit on terms that are advantageous to the business.
Often, those looking for a commercial loan in the area, or even around the country, tend to go to the big banks that have national or even international name recognition. The issue with this decision is to this bank you are a number, a set of financial statistics and approval or rejection. For most small businesses, it is the rejection that will be the case more often than not.
One simple decision that can help a small business of any kind to obtain a commercial loan is to look at local financial institutions. Offering all of the security and protection of a big bank, credit unions are also locally based, so they have a very good understanding of the business community and the potential for small businesses in the Helena, MT area.
Ready to Help
Credit unions, unlike national or even state banks, are local. They are governed by an elected board of directors, which are also members of the credit union. Many of these individuals are also small business owners so they tend to be very business-friendly as opposed to large banks that are driven by national trends that may not be applicable to local Helena businesses.
Easy Processes
The credit unions tend to have easier and more user-friendly options for a small business loan. This doesn’t mean they don’t require the documentation of banks, but they offer a customer-service focus that makes the application easier.
Highly Competitive Products and Rates
When comparing the options in commercial loan products, fees, and rates, credit unions are highly competitive with traditional types of banks. Most small businesses will find that credit unions offer a better option with superior loan products at significantly better rates.
