Did you know that 20% of small businesses don't make it past their first year? One of the main reasons for these setbacks is the struggle to generate and maintain a steady income on their own.

As a small business owner, you have a unique opportunity to collaborate with your nearby credit union. 

Such partnerships can bring substantial benefits to your business, providing the support necessary to kick-start your entrepreneurial journey.

But if you're new to the concept and wondering how to get started, this blog is here to guide you through the process and help you form a successful partnership with your local credit union.

Benefits of partnering with your local credit union

Some of the many perks of partnering with your local credit union include:

Financial services access
Joining forces with your local credit union gives you access to a range of financial services like merchant services and business checking and savings accounts. This simplifies your financial management and supports your business growth.

Tailored solutions
Credit unions can provide customized financial solutions, adapting to your business's unique needs. Whether you're a restaurant needing equipment for payment processing or a tech startup requiring business banking services, credit unions can tailor their offerings to suit you.

Co-branding opportunities
Collaborative marketing efforts with a credit union can increase your brand recognition. Co-branded campaigns and promotions expand your reach and attract new customers.

Financial education
Credit unions often offer financial literacy workshops and seminars, which benefit you and your employees by improving your financial knowledge and fiscal well-being.

Community engagement
Credit unions are deeply rooted in the local community. That's why partnering with one near you can lead to participation in community events, sponsorships, and charitable activities. 

This involvement showcases your business's commitment to social responsibility and community connection.

How to team up with your local credit union 

Let’s explore the essential steps involved in building successful credit union partnerships.

• Find the right partner: Identify a local credit union that shares your business's values. This is the first step in building a fruitful partnership.
• Connect in person: Attend local events, join business associations, or reach out directly to the credit union. Meeting face-to-face can spark a successful collaboration.
• Define your goals: Clearly outline the goals and expectations of your partnership. Discuss what you both aim to achieve and the activities you'll undertake together.
• Spread the word: Promote your partnership through your marketing channels, like social media, newsletters, and websites. Showcase your collaborative efforts with the credit union to the community.
• Create joint promotions: Run joint marketing campaigns and promotions. For example, you can launch a 'shop local' campaign that encourages the community to support both your business and the credit union.
• Measure progress: Regularly assess the impact of your partnership. Keep an eye on metrics like new member acquisition, sales, the success of joint marketing efforts, and community engagement to gauge effectiveness.
• Keep communication open: Maintain open lines of communication with the credit union. Regular check-ins ensure your partnership remains adaptable and strong as both businesses evolve.
• Stay flexible: Be ready to adjust your partnership as your business and the credit union change. Flexibility is essential for long-term success.

Overall, whether you’re braving that crucial first year or looking to take your seasoned brand to the next level – joining forces with your local credit union paves the way for your small business to grow in the community. 

This partnership offers many benefits, like accessing financial services, tailored solutions, co-branding opportunities, financial education, and community involvement.

To get started, follow the steps outlined in this blog, including finding the right partner, defining your goals, and measuring your progress. 

This collaborative effort allows your business to thrive alongside your credit union in a win-win scenario!

Join Forces with Capitol Credit Union!

At Capitol Credit Union, we're constantly seeking new and exciting collaborations with businesses.

If you believe we could be a good fit for your needs, please contact us today or visit our business banking page to get to know our business specialist Marco Escalante.