"We've had a lot of success over the years," says Mark Spenny, CEFCU's vice president of home loans and business services.
"But the biggest comment we get about business services is 'I didn't even know CEFCU
is careful to note a few criteria for success in the business financial services market.First, a financial institution must have a wide range of loan, deposit and cash management products.Account access is key, whether it's via PC-based services, branch locations or telephone."We compare favorably with every other financial institution here locally," says Spenny
.An institution must be large enough to make the needed loan today and grow with a business over time.CEFCU
, for example, can handle a business loan relationship with any single borrower up to $25 million.Spenny
also lists several essentials for business success.Among them, a company should have vision and realistic goals."We know CEFCU members well enough to help them with their vision and goals over the long term," says Spenny
Business owners recognize that taking intelligent risks is vital.CEFCU helps members analyze cash flow issues, industry trends and long-term performance to ensure they're making the right moves."If we can help business owners be more successful and more competitive, we'll positively impact economic development in our community," says Spenny
."That means new jobs, plus additional members for our organization."CEFCU
also helps business owners manage cash by offering loans at a quarter percent lower than most competitors and reasonable fees on products and services.It has earned trust by building long-term member relationships locally.And by enrolling in its Select Employee Group plan, CEFCU business members can offer benefits to their employees - such as direct deposit and discounts on loan rates - at virtually no cost.
Being able to loan more of CEFCU's
assets to businesses in the region is forecast to impact the central Illinois economy by more than $1 billion, says Spenny