Payment Industry Insider

The entrepreneurial spirit seems to be on the rise in our country today. Many individuals are looking at being in business for themselves, for a variety of reasons, not the least of which is the concerns of working for a large corporation today.

One of the biggest challenges these individuals face is financing. Even if they have a good business plan, most small businesses find it difficult to get funding to get their business off the ground.

Iowa’s Community Business Lenders (CBL), owned by the Iowa Credit Union League, is finding a gold mine of opportunity in the small business market. This suggests that there is a huge need and little resource to fill the need.

Mark Killian, CEO of CBL, says meeting small businesses’ needs will continue to be an opportunity waiting to happen. It comes down to being willing, having the resources, the expertise, and developing a strong partnership format to accommodate this growing market.

Who’s going to do it? Those that are interested in continuing to adapt to a changed economic environment, that’s who. Credit unions have a foothold already in terms of the user friendly relationship approach they are known for.

One place to begin looking for some of the opportunity would be the women of the world. My friend, Brian Scott, recently blogged about research from the National Foundation of Women Business Owners showing that women are starting new businesses at twice the rate of men.

This is not going to be a flash in the pan, so it would behoove us to find out what your members are needing in this realm.