With the current economic climate of rising interest rates and high-profile bank failures, credit unions are being recognized as an alternative that could provide some unique benefits.

Recently, the Daily Record reached out to the MD|DC Credit Union Association to get insight on the advantages credit unions can offer to businesses that are looking for some relief from rising interest rates and some reassurance from what they’ve been reading in the press about big bank failures. We put The Daily Record in touch with someone who has a great deal of insight on the subject, Frank P. Amantia, senior vice president and chief lending officer at NIH Federal Credit Union.

As Frank himself says, “I’ve been in banking since 1978 and with credit unions since 2003, so I’ve lived on both sides of the financial fence and have a significant depth of experience that gives me a unique perspective on how the different organizations operate.” 

Amantia explains that how credit unions are community-based and member-centric are a big advantage and is quoted in the article as saying,“Credit unions are much more likely to take a patient approach when dealing with businesses that may be struggling,” said Amantia. “If I’m a business owner, it would be nice to know that if I run up against some unforeseen issue, like when Covid began, my credit union would try to help in any way that they could.”

You can read the complete article here.