SAN JOSE, Calif. (July 26, 2006)—Tech CU, one of the nation’s largest credit unions, announced that it has expanded the products and services offered to small business owners. The business services package includes a comprehensive line of products and services that assist small businesses in financial management, including business and checking accounts with free overdraft protection, business loans (commercial and SBA) and lines of credit (including real estate and investment loans), small business payroll services and merchant processing.
“Silicon Valley is a unique area that has always thrived on the energy of its entrepreneurs and small businesses,” stated Sarah Samuel, AVP of Business Services. “Many of our members are small business owners, consultants or contractors who serve this market, or they’re technology professionals who have a business or startup on the side. They’re faced with a lot of challenges and are seeking advice from people they trust, people who can help them manage their finances as they’re working to make their business grow.”
Having served the Silicon Valley market and its many successful technology companies for more than three decades, Tech CU is particularly well positioned to address the specific needs of small business owners and entrepreneurs in the Bay Area, whether they are small technology, manufacturing, professional or service companies with less than 20 employees; entrepreneurs; consultants; contractors or independent investors.
In addition to offering business products, Tech CU’s President and CEO Ken Burns says that Tech CU is committed to developing long-term relationships with its business members in order to better understand the specific needs of each individual business. “Because credit unions are co-ops at heart, they have a unique relationship with their members that is very different from the relationship banks have with their customers,” he said. “That’s key for many small businesses owners, who often need more help in managing the financial aspects of their business since they don’t have the resources of a large company.”
For convenience, individuals can access Tech CU Business Services through several channels: at Tech CU Financial Centers and through telephone and online banking.
Business Checking Accounts: Tech CU offers two business checking accounts (basic and interest-bearing accounts), both of which include free CheckCards and enjoy free Online Banking (including Bill Pay, eStatements and eNotifications services) and free overdraft protection.
Business Savings, Certificates and Money Market Accounts: Tech CU offers cost-effective savings options for small business owners, whether they’re looking to grow minimum-balance-free cash reserves, boost their savings rate with a Certificate, or combine liquidity with high dividends through a Money Market account.
Online Banking & Bill Pay: Small businesses can manage their accounts online and at their convenience with Tech CU’s industry-leading online banking system. Members can delete payees, make one-time or recurring payments, and send money nationwide with Tech CU’s high-security two-way, two-factor authentication technology.
Business Credit Cards & Lines of Credit: Business expenses are made easier with Tech CU’s no annual fee Platinum Plus® for Business MasterCard® credit card, the flexible Platinum Plus® Business Rewards MasterCard® credit card, and flexible lines of credit.
Business Auto Loans: Small business owners can fund their business vehicle with a Tech CU business auto loan and take advantage of low credit union interest rates.
Investment Property Loans (1–4 units) & Apartment Lending (5+ units): Tech CU offers several mortgage options and an equity loan for 1–4-unit non-owner occupied properties in California, as well as customized loans and lines of credit for non-owner-occupied properties in California with 5 units or more, including Mixed-Use properties.
Payroll Services: Tech CU has partnered with PrimePay to provide payroll processing for small business, including support of payroll processing and compliance with existing payroll regulations.
Merchant Processing: Through its partnership with NOVA Information Systems, Tech CU offers a merchant processing solution that allows small businesses to take credit card payments from their customers for goods and services.
About Technology Credit UnionTechnology Credit Union is a member-owned, full-service financial provider that offers services to technology and business professionals in California who work, live, go to school, or regularly worship in Santa Clara, Alameda, San Mateo, Santa Cruz, San Francisco and Contra Costa counties. Tech CU was started in 1960 and is now among the top 1% of the nation’s largest credit unions. With more than $1 billion in assets, and eight full-service branches in the Bay Area, Tech CU is a leader in the credit union industry.
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