Maps Credit Union Helps Local Businesses Succeed
- Written by Vanessa Salvia
- Published in Brand Stories
- 0 comments
Brand Story - Businesses have unique needs when it comes to banking.
After all, companies are focused on serving their customers, not spending valuable time worrying about banking. Often, business owners and managers find themselves frustrated by banking services that fail to consider their objectives. Maps Credit Union, serving the Mid-Willamette Valley since 1935, takes a common-sense approach to understanding Member needs: they talk to them.
“Rather than sit in an office, we put eyes on our Members’ businesses, really getting a firm understanding of their challenges and needs. Our Member businesses are very clear on their expectations for a banking relationship: it should be local, with local lending decisions, and frequent communication to give them confidence that their needs are being met,” says David DeNos, Vice President of Commercial Lending at the Credit Union.
Compared to other lenders, Maps’ credit recommendation process is streamlined, allowing for quicker loan decisions while giving borrowers confidence in the process. They also have an accelerated pace of loan reviews so borrowers get approvals faster.
“We’re able to get loans approved more efficiently than many organizations, with more clarity on rate and terms much earlier in the process,” says DeNos. “The industry average is four to six months start to finish, and we have it down to 60 days or less.”
While business owners have access to branches throughout the Willamette Valley for their transactional needs, the credit union continues to build expanded digital offerings. They have added a pilot electronic transfer program (ACH) for bill payments and direct deposits, available for all business members once testing is complete.
“All of our business deposit accounts are designed to help businesses manage their finances efficiently while putting idle cash to work. We’ve built a competitive money market account and offer other savings instruments, like business CDs,” says Lisa Werner, Business Deposit Program Manager. “Our Members want a local place to do business that has low or no fees. And while we have multiple convenient branches, our business Members will be able to save a trip by scanning checks from the comfort of their home or office.”
“Our focus in business services is to always be responsive, nimble and available for our members,” says DeNos. “When you call, you’ll talk to someone local who can speak to your needs rather than some distant call center. We’ve always been focused on exceptional experiences for our members, and we consistently listen to our members to ensure we’re providing the very best service.”
Maps’ rich history mirrors the economic growth of the Mid-Valley region. In 1935, 20 public school teachers in Salem formed the Salem Public School Teachers Credit Union, benefiting all employees of Marion County Public Schools and Willamette University. With rapidly expanding membership over the next few decades, the name changed to Marion & Polk Schools Credit Union and then Maps Credit Union. In 2008, Maps opened membership to all Willamette Valley residents and currently has 10 locations throughout the region.
Brand stories are paid content articles that allow Oregon Business advertisers to share news about their organizations and engage with readers on business and public policy issues. The stories are produced in house by the Oregon Business marketing department. For more information, contact associate publisher Courtney Kutzman.