Linda McFadden has been president and CEO of Bloomfield-based XCEL credit union since 2006. XCEL has $150 million in assets and more than 18,000 members.
We asked Linda to give us three reasons why a credit union may be a good fit for a business in New Jersey.
We offer lower rates on loans while paying higher dividends on savings. And we do it all with much lower fees, if any at all. All Credit Unions were founded on the principle of people helping people. We like to say that we're not-for profit, not for charity, but to serve our members.
Every company or municipality in New Jersey can offer our services free of charge to their employees. Imagine that, a free benefit during these difficult times. And don't let geography bother you. We are technologically head and shoulders above our peers. We offer every remote convenience a bank offers, and it's all free.
We partner with small businesses every day. When the big banks can't be bothered with a small business loan, we are here. We are an approved SBA lender. During the economic crisis we didn't change our lending criteria one bit. We have money to lend.