Why Your Credit Union Needs a Business Services Resource

During my time with Space Coast Credit Union, I have overseen the development of our Business Services department to help transform the perception of what a credit union can offer its business members. Credit unions have long stood as pillars in the communities they serve, committed to serving their members to the best of their ability, and that service should go beyond the traditional consumer banking offerings.

The most important thing to remember about business services is that it should transcend a transactional relationship. A well-run business services department acts as a conduit to strengthen these relationships within your credit union’s community and as a catalyst for growth in your local small business economy. Concurrently, business services help expand a credit union’s offerings to existing members while enticing new ones.

Educational resources from your business services department are an excellent way to provide value beyond the financial transaction. At SCCU, our Business Services department provides our members with access to resources that can help them plan for, launch and grow their business. In addition, we offer several financial tools and one-on-one financial consulting, among several other services, to help our business members fulfill their entrepreneurial needs.

In my experience at SCCU, my team and I grew engagement and awareness of our business services capabilities through educational resources, including virtual and in-person workshops, free to both members and nonmembers; business finance calculators; a growing suite of timely and relevant articles; and free member access to one of our business advisors. This not only provides an additional layer of exceptional service for business members, but it combats a common misconception about the perceived limited services credit unions can provide businesses. The workshops at SCCU, in particular, are perfect examples of this. Around once a month, our expert team of business advisors hosts a virtual informative seminar that outlines an essential step of the business journey, including launching a business, applying for a business loan, placing advertising and hiring staff.

An essential part of developing your own Business Services department is prioritizing convenience, because starting a business can be both arduous and time-consuming. As the provider of these services, it’s our responsibility to make them easily digestible and readily available for the convenience of our business members. Keeping information and resources succinct, to-the-point and accessible, both online and in person, helps credit unions keep up with the ever-increasing needs of entrepreneurs.

The inevitable growth of the small businesses we support, both traditionally and non-traditionally, through business services, will benefit the economy and create jobs in the areas we serve. Moreover, investing in additional financial education services for business owners can help create a better-informed member – one who knows how to apply for a loan and effectively scale their business, sparking a potentially long-term, mutually beneficial relationship.

SCCU’s Business Services department is a strong example of a business services resource that goes above and beyond. With a suite of educational tools, resources and business financing options, as well as a dedication to the members and communities we serve, the Melbourne-based credit union is working to innovate the way credit unions can serve local businesses.

Anthony Blunt is Vice President of Business Services and Consumer Sales for the $9 billion, Melbourne, Fla.-based Space Coast Credit Union.