A version of this article was originally published in Forbes and Fortune magazine’s February/March 2025 issues
For more than 60 years, Chartway Credit Union has been a dedicated partner for our members’ financial health. In 2023, upon recognizing a growing need to support the small business and entrepreneurial needs of its members across its Texas, Utah and Virginia markets, the credit union launched a dedicated banking division with specialized services just for small businesses.
“We felt a responsibility to meet our members’ financial needs by offering the types of services that could help their small businesses grow,” says Brian Schools, president and CEO.
The timing couldn’t have been better. In 2024, for the sixth year in a row, CNBC ranked Virginia as America’s top state for business—a ranking supported by a highly educated workforce where nearly 39% of workers hold a bachelor’s degree or higher, not to mention a geography teeming with top-ranked universities supplying a steady pipeline of fresh talent. Utah was ranked number 1 in the U.S.News & World Report’s Best State Rankings for a second straight year, thanks in part to its performance in economy and infrastructure. Both of these areas contribute to a business environment where innovators and entrepreneurs can thrive.
“Small businesses are the backbone of the Virginia and Utah economies and drive local prosperity. By offering personalized support and solutions designed to address their unique challenges, we help those businesses thrive,” says Schools.
Specialized Services for Small Businesses
Companies that benefit most from Chartway Credit Union’s niche business services are those with revenues up to $10 million, with up to 100 employees.
Services cater to a diverse range of industries, including service providers (such as landscapers, electricians, and plumbers), retail shops (local boutiques), professional services (attorneys, CPAs, and consultants), and construction companies.
Chartway Credit Union’s business banking support includes interest-earning business checking products with digital tools that allow businesses to manage accounts, deposit money, transfer cash, and remit ACH files efficiently—plus online wire transfers that transmit funds securely and conveniently for time-sensitive transactions. Their creative small business equipment lending program considers both the business owner’s personal financial strength alongside the business’s financial information, which makes capital more accessible for investing in essential equipment. Chartway also has a commercial real estate loan program, which offers competitive rates and flexible terms to help businesses invest in property and expand their physical presence.
Additionally, Chartway Credit Union streamlines operations and elevates member experiences through credit and debit card payments using secure point-of-sale systems and other virtual payment options.
“But what truly sets us apart is our member-first approach,” says Schools. “It guides every decision we make and is the foundation for our strong branch footprint and our creative financial solutions.”
This service-based mission combined with a dedication to member-driven innovation has led Chartway Credit Union to notable growth, including the recent addition of two new branches, bilingual services, and an award-winning culture.
The Local Difference
As a not-for-profit organization, Chartway Credit Union doesn’t distribute profits to shareholders. Instead, profits are circulated back to members through lower fees, better rates, flexible lending criteria, personalized banking experiences, and financial education initiatives.
Plus, when small businesses choose to bank with local financial institutions, money is kept in the community, which supports sustainable job growth, entrepreneurship, and economic development.
“The partnership between small businesses and local credit unions enriches our communities, fosters a sense of identity and pride, and creates a positive cycle of growth and prosperity for the Virginia economy,” says Schools
What’s more, small businesses themselves are often the greatest champions of their local communities, reinvesting significant portions of their earnings locally and creating spaces for civic engagement.
Unlocking Potential
At the heart of Chartway Credit Union’s existence is a genuine motivation to improve lives and enhance quality of life—both inside its proverbial walls and outside in the community. Whether guiding members through their first home purchase, starting a business, or saving for a child’s education, the Chartway Credit Union team is driven to “unlock the potential” of those they serve.
“We approach every interaction with empathy and expertise, never losing sight of the human connection. We strive to create experiences where every member feels seen, valued, and supported,” says Schools. “We also understand that no success is complete without giving back.” As proof, the credit union’s award-winning charitable arm, the Chartway Promise Foundation, has granted $16 million to partner charities to provide thousands of medically fragile children and their families with memorable experiences.
“Virginia is home to over 800,000 small businesses that make up more than 99% of all businesses in the commonwealth. While in Utah, there are more than 300,000 small businesses representing more than 99% percent of all businesses in that state. They’re the local coffee shop where neighbors meet, the boutique that knows your style, or the family-owned restaurant that feels like home. They bring creativity, diversity, and a unique sense of identity to neighborhoods,” concludes Schools. “In supporting small businesses, we preserve the character and charm that make our communities vibrant and welcoming.”