VACU's Business Services Team Making an Impact

That’s how Mike Noble, Executive Vice President and Chief Business Banking Officer, explains the rapid growth that Virginia Credit Union’s Business Services division has experienced over the last five years.

“Regardless of loan size, whether it is a $5,000 truck loan or a $5 million real estate loan, our members appreciate our responsiveness and willingness to make it easy for them to do business with us.”

For 90 years, Virginia Credit Union has been meeting the financial needs of individuals and families. With loans, options for savings, and sound financial guidance that put members’ needs first, Virginia Credit Union has helped its members gain financial confidence and achieve success.

Five years ago, the credit union made the decision to extend those services to the business community.

Since 2013, Virginia Credit Union’s Business Services has grown to more than $150 million in loans. That financing is helping area businesses expand, add equipment, build offices and invest in the community. The number of business services clients Virginia Credit Union serves has grown from zero to more than 1,700.

Virginia Credit Union’s team of business relationship managers meets with businesses of all types, from landscaping and plumbing companies, to medical and accounting firms, to developers of apartments, hotels and other real estate projects.

“We’re definitely making a name for ourselves among developers and investors,” says Mike. “They’re taking notice of us, and we’ve been a part of many exciting projects in the last few years.

Among the high profile projects are an expansion at New Kent Winery, redevelopment of the historic Hotel Weyanoke in Farmville from student housing to a boutique hotel, and a high-end condo development called One Monument Avenue, near Stuart Circle.

“Richmond really offers all types of businesses the opportunity to prosper,” says Mike. “We have such a diverse business climate here and it’s a very entrepreneurial city. There’s a can-do spirit here that is alive and well.”

Businesses looking to grow their business can visit any of the credit union’s 18 branch locations.

Most Virginia Credit Union branches have a dedicated consumer business service specialist available on-site to handle business account opening, checking and money market accounts, and other services. For loan applications, a dedicated relationship manager works directly with the local business to help with their needs.

“One of the things I think local businesses appreciate most about us is how responsive we are,” says Mike. “We are able to make decisions quickly. Our clients can talk to someone dedicated to their account and their project. There is no phone chain to navigate.”

“We try to find a way to do business with them,” says Mike. “We start with yes.”

A financial cooperative serving more than 270,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA.