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Why Joining a Credit Union for Military Entrepreneurs is Smart Business

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Why Joining a Credit Union for Military Entrepreneurs is Smart Business

By Marco Carbajo, Guest Blogger
Published: May 26, 2012 Updated: May 13, 2013

If you are in the military, a veteran, or military spouse and either own or are thinking about starting a business, consider joining a credit union for military entrepreneurs to service your company’s banking needs.

Military credit unions offer tremendous benefits for small business owners and because they are member-owned, they always act in your best interest.

The good news is this: once you are a member, you are always a member. You can leave the military, change employers, move, retire, and get married— and never have to leave the credit union.

Some of the additional benefits for military entrepreneurs are the wide array of financial products and services military credit unions offer.

For example, Navy Federal Credit Union offers a business credit card that does not report to your personal credit reports. When you draw on your company’s credit line, your personal debt/credit ratios are unaffected. This shelters your personal credit for personal necessities such as auto loans, mortgages, student loans, and personal credit cards.

Here is a breakdown of the types of business services military credit unions offer to its members.

Business Checking & Savings

  • Variety of business checking accounts
  • Variety of dividend-earnings savings products—Money Market Savings Accounts (MMSAs), Jumbo MMSAs and Certificates
  • Dividends earned daily
  • No or low monthly maintenance fees
  • Scan Deposits service

Business Loans (Secured and Unsecured Term Loans)

  • Inventory financing
  • Equipment purchases
  • Leasehold improvements
  • Finance—or even refinance—your investment properties
  • SBA Loans offered for start-up and/or less tenured businesses

Business Credit Cards

  • Low to No Annual Fees
  • Annual Percentage Rate as low as prime + 5.9%
  • Rewards Points

Merchant Card Processing

  • Fair pricing
  • Easy-to-read monthly processing statements that you will understand
  • Dedicated customer service and support

Generally, you can join a Military credit union if you fall under any of these categories:

  • All Department of Defense (DoD) uniformed personnel
  • All Department of Defense Reservists
  • All Army and Air National Guard Personnel
  • All Delayed Entry Program (DEP) Personnel
  • All DoD Officer Candidate programs
  • U.S. government employees assigned to DoD installations (including Coast Guard)
  • All DoD civilian employees
  • DoD contractors assigned to U.S. Government installations
  • Family Members—including grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members

Some credit unions allow your family members (once they’ve joined) to extend the membership opportunity to their family members, too.

If you own a small start-up or a thriving company, a credit union for military entrepreneurs can help you guide your business every step of the way. You'll have a trusted partner who's looking out for your best interests.

*To locate a military credit union nearest you go to culookup.com and type in what branch of the military you serve under the affiliation tab.

My respect, appreciation, and prayers go out to all the members of our Military and their families. We thank you for your service, dedication, and sacrifice for our country.

About the Author:

Marco Carbajo

Guest Blogger

Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in 'Fox Small Business','American Express Small Business', 'Business Week', 'The Washington Post', 'The New York Times', 'The San Francisco Tribune',‘Alltop’, and ‘Entrepreneur Connect’.

Comments:

This is an excellent resource. I am not a veteran myself, but support any and all action to support those who support us as a nation. I do have some relatives who are veterans and I will pass this information on. Thank you.
I think credit unions are a great way to go. We find that credit unions help out alot when we have a new franchisee who would like to start a security franchise. it is the best way to get access to capitol.
My son like this post and refer this to me. I like this.
Nice post ! Thanks for sharing!
I also believe that the services you referenced are also available to reserve duty members. The usage of credit unions allows members to avoid most traditional underwriting methods. It is a more private and intimate way to work with a financial institution. God Bless our active and non active duty members. God Bless the USA.

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