General Electric Credit Union: Supporting Small Businesses in Challenging Times

GECU Voices brings you guidance and insight from experts within the Credit Union. Today’s blog post was penned by Neil Peterson, GECU's Chief Credit Officer.

Today’s small businesses are facing tighter lending requirements. In fact, three-quarters of surveyed businesses report concern over their ability to access capital.¹ Capital can be crucial regardless of how established you are as a business. It can be the reason you’re able to seize a growth opportunity—or simply stay afloat. 

Banks across the country, and even some here locally, have been a part of this shift as economic uncertainty and high interest rates continue to persist. A business owner interviewed by the Cincinnati Business Courier shared their bank—who they did not name but who they had worked with for two decades—canceled their credit line because their bottom line wasn’t showing a profit. This was despite the fact the business had never missed a payment and often invested their earnings back into their business. 

In a time when flexibility and support are more critical than ever, General Electric Credit Union (GECU) hasn’t followed suit with the competition. Instead, we’re remaining steadfast in our commitment to the growth and success of small businesses. We understand the essential role small businesses play in our community and the broader economy. That's why we have continued to offer accessible, reliable, and supportive business lending solutions and deposit accounts. 

Why choose GECU for your business banking needs?

1. Flexible lending criteria 

GECU remains dedicated to offering flexible and fair criteria. We believe in assessing each business on its own merits, understanding its unique circumstances, and providing tailored solutions that fit its needs.

2. Commitment to local businesses 

As a Credit Union rooted in the community, we have a vested interest in seeing local businesses thrive. Our team takes the time to get to know our business members, fostering relationships that go beyond transactions. We are here to support your growth, not just as lenders but as partners in your success.

3. Competitive rates and terms 

GECU offers some of the most competitive lending rates and terms in the market, in addition to competitive deposit rates. Our goal is to provide you with the financial resources you need without the burden of exorbitant costs. We strive to ensure our lending solutions are both affordable and sustainable for your business, and that our deposit accounts help you save more and spend with ease.

5. Treasury management options

Business treasury management involves overseeing and managing a company's financial assets and holdings, including cash flow, investments, and financial risk, to ensure sufficient liquidity and optimize financial returns. 

GECU’s Treasury Management services offer all the benefits without all the fees you’ll find at big banks. We can assist with payables, receivables, and more! From Remote Deposit Capture,² which gives you same-day credits if you make the deposit by 3 pm EST, to Positive Pay,³ which adds a layer of fraud protection to your business checking account, our business solutions are a step above the competition. 

Plus, Autobooks allows you to send invoices, accept payments, and keep track of customers all from within Business Online Banking or our mobile app. This is ideal for businesses who need to send a bill or invoice for a product or service and non-profits collecting donations online. 

4. Expert guidance and support 

Navigating the financial landscape can be challenging, especially in uncertain times. Our experienced Business Services team is here to provide the guidance and support you need to make informed decisions. Whether you’re looking to expand, purchase new equipment, or manage cash flow, we have the expertise to help you succeed.

Success stories from our business members

Our commitment to small businesses is reflected in the success stories of our members. From local startups to established enterprises, many have benefited from GECU's unwavering support. These businesses have been able to innovate, expand, and overcome challenges thanks to our flexible and accessible lending solutions.

Join the GECU community

Now, more than ever, it’s crucial for small businesses to have a financial partner they can trust. GECU is proud to be that partner for so many in our community. If you are a small business owner looking for a lender who understands your needs and is committed to your success, look no further than GECU!

Join us and discover the difference a supportive and community-focused credit union can make. Together, we can build a brighter future for your business and our community.

For more information on our business banking and lending solutions, including our Simply Free Business Checking account and our interest-earning Business Advantage Money Market account, visit our website or contact one of our business lending specialists today. Let GECU be the partner you need to navigate these challenging times and achieve your business goals.

General Electric Credit Union–Your Partner in Business Success