Credit Union Success in Challenging Times: Small Business Lending Strategies With Allegacy FCU

In this episode, CU Times’ Editor-in-Chief, Michael Ogden, discusses small business lending success and challenges with Winton Salem, N.C.-based Allegacy Federal Credit Union’s Manager of Small Business Services, Carey Furr.

Furr has discovered the majority of small businesses needing a lending hand from credit unions are those business owners who are just starting out and who most likely don’t have great credit. We talkabout how her $2.2 billion credit union has crafted proper strategies to take on this  growing need from its small business members and how Allegacy has created a team of lending professionals staffed at all 18 of its locations.

While there are times Allegacy cannot fulfill everything the small business member might need at the moment, Furr said their lending professionals take a more empathetic approach to let the member understand they will do what they can. “Never say ‘No.’ Say ‘Not now.’ and ‘Here’s how we can get you there,’” said Furr.

Listen to the full interview.