Big Opportunity In Small Business? Posted by AVCU on 12:50 PM

One in thirteen small businesses is “under-banked” . . . . running their business from personal accounts. That’s among findings reported by James Van Dyke of Javelin Strategy. He writes about data his company compiled revealing a big opportunity financial institutions, credit unions included, have in serving struggling small businesses in tough economic times. He cites a huge need by these fledgling businesses for payroll services, overdraft protection, payments management and more.

The Filene Research Institute also recognized the opportunity for credit unions to assist the growing number of baby boomers becoming entrepreneurs in a downsized economy. Last year it began a pilot program with select credit unions called “What’s the Big Idea,” which is basically an online service provided by a credit union to help its members assess their new business ideas and potential for financing, success, etc. Read all about it and the credit unions that piloted the project here.