Throughout 2019, a major focus of the Shoreline Hometown Credit Union Leadership team was to develop a business lending program to complement the credit union’s highly successful Hometown Program. “We have been able to accomplish many of our goals through our Hometown Program by increasing revenues for our partnering Hometown Businesses,” says President/CEO Nathan Grossenbach. “But, increasing sales is only half the equation. We should be able to help our business partners keep costs low through affordable financing options.”
A Business Lending Program for the credit union is a significant step forward in Shoreline Hometown Credit Union’s commitment to the local community. Many business members want their financial institution to have a completely, local presence – including the loan officer, the processing department, and the lending executive. “With the recent news of another local credit union merging with an out of town financial institution, we know our members desire a credit union that is headquartered in their community,” says Grossenbach. “The local touch that Shoreline provides immediately set us apart from many of the financial options available in Manitowoc County. We believe our members will see the advantage of how a truly, local business lending team might benefit to their business’ success.”
In October of this year, Shoreline was able to put the finishing touches on its Business Lending Program, and is now ready to increase their investment in Manitowoc County by offering affordable business loan rates. The Business Lending Program is led by Andrea Schmitt, who has 15 years of experience lending to area businesses. As a result, Shoreline has saved local businesses thousands of dollars by providing more affordable options – just in November 2019 alone.
“Personally, being able to represent Shoreline’s business program is a great experience,” says Schmitt. “We’ve really built this program from the ground up. Our program is designed to provide cost-effective solutions for our members, while ensuring the credit union is set up for long-term success. I couldn’t be more excited!”
At this time, Shoreline is providing its lending services to members who have real estate collateral, such as a residence, vacation home, or rental property. “Starting a new program takes a lot of work, so we want to make sure our members get the best experience possible. Our intent is to be able to offer expanded lending services in the future, but we feel there are plenty of members within our community that can benefit from this program even in its early stages,” says Grossenbach.
If you would like more information about Shoreline’s new Business Lending Program, please contact Andrea Schmitt at 920-794-2115 or SchmittA@ShorelineCU.org.
