Why Credit Unions Are a Hidden Gem for Entrepreneurs

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Join Gene Marks on this episode of Paychex THRIVE as he sits down with Kendall Garrison, president and CEO of Amplify Credit Union, to discuss how credit unions are reshaping the financial landscape for businesses. From offering completely fee-free accounts to maintaining a not-for-profit, member-first philosophy, Amplify Credit Union is doing things differently — and it’s making waves. Kendall dives into Amplify’s innovative approach, the benefits credit unions hold for small businesses, and his thoughts on the current economic environment.

Whether you're a business owner considering your financial options or just curious about how credit unions differ from banks, this episode is packed with insights — and might just change how you see your financial partners.

#Paychex #CreditUnions #SmallBusinessBanking #Finance #BusinessGrowth

Topics include:

00:00 – Episode preview and welcome
01:07 – Introduction of guest Kendall Garrison
01:58 – Overview of Amplify Credit Union
02:42 – Definition and comparison of credit unions vs banks
04:05 – Credit union services for businesses
04:52 – Advantages of choosing a credit union
06:03 – Risk and liability in credit unions
07:32 – Additional services for employees of member businesses
08:13 – Financing options at credit unions
09:10 – Suitability of different business types for credit unions
10:30 – Amplify’s no-fee structure
13:12 – Revenue generation at Amplify
17:38 – Federal Reserve interest rate reductions and implications
20:27 – Current loan challenges for small businesses
22:40 – Discussion on current mortgage interest rates and housing market trends
25:35 – Wrap up and thank you

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