The Untapped Growth Opportunity in SMB Relationships

Small- and medium-sized businesses (SMBs) represent substantially higher lifetime value than the typical member relationship. Of the country’s 34 million small business owners, more than 11 million are already credit union members – so you don’t have to look far to find these high-potential accounts.

But unlocking the full opportunity of SMB banking relationships starts with a deeper understanding of how SMB needs evolve as they grow.

Velera’s latest research surveyed 600 U.S. SMB owners and decision-makers to uncover what drives their financial choices, preferences and loyalty. The findings highlight where credit unions are uniquely positioned to win, and how to expand their role over time:

• Most SMBs don’t rely on just one financial partner, yet few are actively looking to switch
• Credit unions can set themselves apart by combining relationship-driven service with access to credit when it matters most
• Early-stage businesses prioritize simplicity and low fees, while growing firms seek more advanced fraud protection and data capabilities
• As SMBs scale, demand increases for payments, credit access and financial visibility