SAN JOSE, Calif.-Technology Credit Union says it has increased public awareness by joining a local small business assistance association.
Sarah Samuel, AVP of small business services for $1.2-billion Tech CU, said TCU is the first credit union to join Businessownerspace.com, an online resource for entrepreneurs and small business owners in Silicon Valley.
"BOS is a comprehensive, one-stop resource for small businesses to go-from start-up to sustaining a business," Samuel told Credit Union Journal. "To do that, BOS formed a partnership with more than two-dozen private and public agencies."
Tech CU approached BOS while seeking ways to help its small business-owning members, Samuel recalled.
"We can't be everything to small business owners, who need things from information to funding," Samuel said. "We partnered with BOS as a way of referring small businesses in our community. The services offered through BOS partners are low-cost or no-cost. Through the expertise of the BOS partners, the hopes are businesses can find seminars, financing or other things they wouldn't get from a bank."
Tech CU also looked at a partnership with BOS as a retention tool, Samuel added. She said the credit union wanted a referral source for the business members it was unable to assist. "Although, we were unable to personally help them, we were able to find someone who could. To provide a service like this to your small business members is valuable."
HSA Also Has Appeal
What Tech CU brings to BOS is education and its "very competitive" Health Savings Account product, Samuel said.
"When a business is ready, we go on-site and help people fill out the HSA forms and tell them how it works. One of the other reasons BOS was interested in partnering with us is to provide 401(k) rollover assistance. BOS has several programs relating to downsizing, and assisting both employers and employees. We get to company employees before they are laid off to help them know what to do if they get a check closing out their 401(k) account. People need to know the tax implications."
After just a few months, it is difficult to ascertain if the partnership with BOS has brought in new members or increased use of Tech CU's business services products. In 2009, Samuel promised, the credit union will be actively promoting BOS to its 78,000 members.
Each month, representatives from Tech CU attend a BOS steering committee meeting. This includes six departments from the City of San Jose, as well as all the local Chambers of Commerce, which Samuel said is an invaluable opportunity for the credit union.
"Our hope is to get referrals from these networking partners. Our participation in BOS already has helped increase public awareness of the credit union-and at a good time because there are so many problems with banks."
For example, Samuel said the city of Sunnyvale held a small business workshop and Tech CU was the only credit union invited to speak, along with several big banks. Samuel added Tech CU was also invited to a Tax Assistance Day this month. "We are getting really great exposure," she added.
For info: www.techcu.com/business/ resources.
