RE: Serving the Business Community and Medicare Consulting

Credit Union: Grand Junction Federal Credit Union

Location: Grand Junction, CO

Asset Size: $89 Million

Field of Membership: Community Charter

Point of Contact: Karen Troester, CEO

Grand Junction Federal Credit Union (GJFCU) located in Grand Junction, CO believes in the mission of reaching out to members and small businesses that traditional banks often struggle to serve. GJFCU’s recent initiatives were focused on becoming the preferred financial institution for local small businesses, offering Medicare insurance consulting, and launching a comprehensive financial education program. These efforts not only enhanced the credit union’s service offerings but also fostered greater community engagement and financial inclusion.

For the past two years, GJFCU has placed a deeper involvement with the local community and small businesses as a top priority. This strategy led to significant growth, with more than 12% loan growth over the past three years and over 5.5% member growth in the past two years. Integral to this success was the relationship-building with local entities, including a hospital and various small businesses.

GJFCU has an experienced small business lender actively participating in a local business networking group (BNI). This group meets weekly, allowing us to build strong relationships and gain referrals from  local businesses. This involvement has been crucial in establishing the institution as the “Credit Union of Choice” for small businesses.

For businesses with fewer than 25 employees, we offer tailored financial packages that include waived membership fees, free checks, and other benefits like member celebrations and financial education opportunities. The program has brought in over $2.5 million in small business loans over 24 months, marking a significant shift from the credit union’s previous limited engagement in small business lending.

In March 2023, GJFCU launched a Medicare insurance consulting program after meeting CSB National Rep Mark Snihurowych at a credit union vendor conference. Certain staff members were selected to undergo training and licensing: two lenders and an operations compliance person. This program was designed to generate additional revenue and grow the membership base by providing much-needed Medicare counseling services.

Recognizing the importance of financial literacy, GJFCU is in the process of hiring a dedicated financial educator. The new position will focus solely on budgeting, financial literacy, and education for both members and the community. We also plan to partner with a local community college to expand the credit union’s reach. The financial educator will work at the credit union primarily serving members but will also conduct community outreach to provide education and raise the credit union’s visibility.

GJFCU also supports members with loan qualifications through financial counseling.  For loans made to borrowers with lower credit scores, we require a one-hour financial education training program. Additionally, the institution offers lower rates to members who undergo financial counseling, helping them achieve a better financial position thereby reducing their financial stress.

Grand Junction Federal Credit Union’s innovative approaches and dedicated community involvement are driving growth and making a positive impact. By focusing on preferred business relationships, Medicare insurance consulting, and financial education, GJFCU is not only boosting its bottom line but also enriching the lives of its members and the wider community. The commitment to understanding and meeting the unique needs of the community continues to set GJFCU apart in the banking landscape.

The above profile was curated from Grand Junction Federal Credit Union: “Serving the Business Community and Medicare Consulting”, a submission in the Blueprints for Small Credit Union Success published by America’s Credit Unions – March 2024