Guest article courtesy of Michigan First Credit Union President & CEO Michael Poulos
In a difficult lending environment, many small business owners might not realize the great partnership opportunities and resources right under their nose. Local credit unions and banks have picked up much of the slack over the past several years on the business loan front and smart entrepreneurs have taken advantage of all they have to offer. Here’s what you should know to get the most out of your banking relationship:
- Learn about the local business environment: Local lenders are experts in the details of small businesses success and bring years of experience to the process. They can be a powerful partner to understand the local market and as a sounding board to help grow your business.
- Connect with other community resources: At Michigan First, we recently hosted a Spring Connections Seminar to bring the resources of local economic development groups together with the entrepreneurs in need of their support. Helping small businesses tap into the fantastic work of local economic gardeners across the state can make a world of difference—local lenders can be valuable conduits for those resources.
- Buy local, lend local and help support the community: The B-to-B world is moving toward the same “buy local” mentality that consumers already have, and no one is better suited than a local lender to the nuances of helping to grow your Michigan business. Community financial institutions like Michigan First take in deposits that fund local business loans—a positive cycle for local development.
Local financial institutions are committed to bringing communities together in support of entrepreneurs and their success. We know that small businesses are at the heart of job creation and building a vibrant local economy—let’s work together to make it happen!
Michigan First Credit Union President & CEO Michael Poulos recently appeared on SBAM’s “Business Next” audio seminar on the Michigan Business Network. Listen here.