Why Credit Unions Are a Hidden Gem for Entrepreneurs

Get ready to rethink the way you bank. On this episode of Paychex THRIVE, Gene sits down with Kendall Garrison, president and CEO of Amplify Credit Union, to unpack how credit unions hold the key to a more equitable, customer-first approach to finance. From offering no-fee accounts to supporting small businesses with innovative services, Amplify is challenging the norms of the financial world. Wondering how this compares to traditional banks? Or how it could benefit your business? Kendall breaks it all down. Plus, he shares strategies for navigating today’s high-interest rate environment.

Topics include:

00:00 – Episode preview and welcome

01:07 – Introduction of guest Kendall Garrison

01:58 – Overview of Amplify Credit Union

02:42 – Definition and comparison of credit unions vs banks

04:05 – Credit union services for businesses

04:52 – Advantages of choosing a credit union

06:03 – Risk and liability in credit unions

07:32 – Additional services for employees of member businesses

08:13 – Financing options at credit unions

09:10 – Suitability of different business types for credit unions

10:30 – Amplify’s no-fee structure

13:12 – Revenue generation at Amplify

17:38 – Federal Reserve interest rate reductions and implications

20:27 – Current loan challenges for small businesses

22:40 – Discussion on current mortgage interest rates and housing market trends

25:35 – Wrap up and thank you

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.