Katie BaileyMay is Small Business Month, a time to celebrate entrepreneurs and all they do for their communities—and how credit unions help them to do it. Credit unions across The League have a unique ability to strengthen their local economies through personal service, flexible lending, and community support. Here’s a look at how four member credit unions are taking action to make a difference.
Family Savings Credit Union – Gadsden, Alabama
At Family Savings Credit Union, small business lending is all about connection. The vast majority of their business members come to them via a referral network, reiterating their credibility and ties to the community. Each lender carries a credit union-issued cell phone, so members can reach them directly by phone, email, or text. Furthermore, their loan approval processes are swift, and they perform all underwriting and closings in-house (with the exception of real estate purchases by attorney).
From brand-new startups to long-established ventures, Family Savings Credit Union supports businesses of all sizes and structures. They offer commercial real estate, investment property, vehicle, equipment, and credit card loans, as well as business lines of credit. Members also have access to treasury management services through Tru Treasury, including ACH and wire origination, payroll, and remote deposit capture. For merchant services, the credit union partners with Total Merchant Concepts, which works exclusively with credit unions. For members with higher balances, their business money market accounts offer a 3% quarterly return on deposits of $100,000 or greater.
Recently, Family Savings Credit Union has seen increased interest in electronic money management tools and a growing number of entrepreneurs investing in residential rental properties, both trends the credit union is actively supporting.
Florida A&M Federal Credit Union – Tallahassee, Florida
Florida A&M Federal Credit Union knows that not all support for small business is offered in the form of loans. Their focus on community-based, inclusive lending provides an opportunity to support minority-and women-owned businesses in accessing capital they need to thrive.
Since launching their SmartSteps micro-loan program in 2022, Florida A&M Federal Credit Union has supported small businesses with $1.5 million across 68 loans, with 100% of those loans going to minority-owned businesses, and 35% to women-owned businesses, specifically. Backed by $2.1 million in grant funding, the program offers both secured and unsecured loans ranging from $5,000 to $50,000, with interest rates set just 2% above prime. Even entrepreneurs with credit scores as low as 550 are eligible, ensuring that credit challenges don’t shut the door on opportunity.
As the second-largest Historically Black Colleges and Universities (HBCU) credit union in the country and a certified Community Development Financial Institution (CDFI), Florida A&M Federal Credit Union continues to uplift its community by providing business owners with the tools and resources to build a stronger, more equitable local economy.
Georgia’s Own Credit Union – Atlanta, Georgia
Georgia’s Own Credit Union empowers entrepreneurs by offering tailored banking services and lending options that meet business owners where they are. As a Preferred Lender Partner with the Small Business Administration, Georgia’s Own Credit Union supports access to SBA 7(a), Express, and 504 loans to support business members access capital to grow their business.
Beyond financing, Georgia’s Own Credit Union works to foster financial literacy and strengthen local partnerships. They host financial education events, provide one-on-one guidance, and collaborate with universities to support business plan development. Their team also connects entrepreneurs with Certified Public Accountants (CPA), local chambers, and networking opportunities to help expand their reach.
One standout member success story involves a transportation company that partnered with the credit union to finance a 400-space truck parking facility in metro Atlanta. The project not only expanded the company’s operations but helped address a growing need in the community.
Whether supporting a new venture or helping an established business scale, Georgia’s Own Credit Union is committed to building long-term relationships and improving access to funding across the state.
Freedom First Credit Union – Roanoke, Virginia
At Freedom First Credit Union, supporting small businesses means more than just providing funding; it’s about building trust, offering tailored support, and supporting businesses’ long-term success. From equipment and vehicle loans to real estate and asset-based lending, Freedom First Credit Union works closely with each member to understand their goals and offer personalized solutions. They also assist with Small Business Administration (SBA) programs including 7A, 504, Express, and Small 7A loans, both in-house and through partnerships.
One of their members, an automotive business owner, was in the process of buying the building he had leased for over 10 years. Freedom First Credit Union secured him an SBA 504 loan, which funded 90% of the purchase. The terms were more favorable than a conventional loan, and Freedom First Credit Union was the only lender to take the time to understand his business. It turned out to be a wise investment for the credit union as well, as he has since referred many others to join.
Freedom First Credit Union’s support and investment in small businesses does not stop at financing, however. As a certified CDFI, they provide added flexibility and resources. They also connect members to trusted partners such as CPAs, insurance agents, mentors, and local Small Business Development Centers. By offering this level of collaboration and guidance, they help strengthen the entire small business ecosystem in their area.
Happy Small Business Month!
Whether it’s assisting someone in acquiring their first storefront, expanding a fleet, or simply assisting them through the challenges of entrepreneurship, credit unions are showing up for small businesses in meaningful ways. With a personal touch, vested interest in the community, and commitment to financial inclusion, credit unions have no equal when it comes to supporting local economic growth.
As we wrap up Small Business Month, we want to celebrate the effort credit unions make each day in helping entrepreneurs achieve success, and we can’t wait to see the impact they will make in the future!
