The simple truth is that millions of Americans have figured out that being a member-owner of a credit union is their first choice when it comes to financial services. The explanation for the discrepancy is simple: large banks are focused on sourcing and scaling loans over one million dollars, cross-selling products to their customers, and driving down costs through standardized operating procedures and technology. This finding was based on a FDIC survey of business owners. A Harvard Business School report, “ The State of Small Business Lending: Innovation and Technology and the Implications for Regulation,” declares that large banks approve only 33 percent of loans under $100,000, compared to 60 percent approved by small banks. The odds of a startup getting a loan from the largest banks in America aren’t favorable.
Our members believe in supporting education, so it only makes sense to give back through scholarships for Oregonians, many of whom are the first of their families ever to go to college.Īlong with supporting other scholarship programs in 2012, Oregon Community also donated over half a million dollars, and our employees volunteered over 2,000 hours to help our members have the opportunity to live in a vibrant and prospering community by supporting many nonprofits. For example, Oregon Community Credit Union is the single largest corporate scholarship sponsor at the University of Oregon. But it’s not just our members who benefit. Credit unions are the kindler, gentler financial institutionsĬredit unions have a well-deserved reputation for superior service and being the kinder, gentler financial institutions. Given the cost of groceries and gas these days, that’s a great reason to be a credit union member.Ĥ. That’s real money our members didn’t spend to get access to vital services like credit and a safe place to keep savings. That works out to an average of $152 per credit union household.
#Unions in small vs big business free#
In 2012 Oregon credit unions put more than $110 million back into the pockets of members as a result of lower loan rates, free checking, higher rates on savings and other benefits. Research shows that when credit unions are in a market, all loan and deposit rates are positively impacted. Here in Oregon, credit unions hold a small percent of market share, but even so, we effectively help to control costs and maintain the rate environment for everyone. Credit unions give backĬredit unions are a positive influence on all financial services in the communities where they do business. Over a million residents in Oregon alone belong to a locally owned credit union, and that number is growing every day. Decisions such as convenience, interest rates, branch locations, technology, products and services are all made to support the needs of the membership.
Every decision the credit union board and management makes takes members into consideration first. No paid board of directors focused on profits. That means everyone who becomes a member owns a piece of the rock. You actually own the placeĬredit unions are member-owned, not-for-profit financial cooperatives. These efforts have helped stabilize families during the worst economic downturn since the Great Depression.Īt Oregon Community, we helped more than 500 members in 2012 alone with special workout loans that adjusted rates or payments on auto loans and mortgages. Fast forward and today you find thousands of credit unions all over the country and thousands of stories annually about members who need help-and get it-from their credit union.Įven in this tough economy, credit unions understand that “bad things happen to good members.” In the last three years, credit unions have continued to loan and work diligently to help members who have lost their jobs to keep their autos and stay in their homes. The focus was always clear: providing access to credit for people who could not seem to get it at the local bank. Many credit unions were started by pioneer member-owners who began the business in the garage of someone’s home and pooled their funds in a shoebox. Credit unions can make special arrangements when times get tough Kindler and gentler financial institutionsġ.
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