Credit unions are better for rural residents of Minnesota as they offer a range of service and products that are usually not available from larger banks in these communities.
The entire nation has recently suffered greatly and many are struggling financially. Minnesota’s rural areas have been disproportionately impacted by these events given the existing limited job opportunities, low population growth, and high poverty rates. According to recent USDA data, rural populations nationwide are 30 percent more likely to be living in poverty than metro area populations. These communities increasingly need support from a variety of partners and tools including government, healthcare, and finance.
Credit unions are not-for-profit financial institutions dedicated to serving their members, regardless of location or socioeconomic background. As of June 2019, almost one-fourth of all credit unions in the country are headquartered in rural areas, making them uniquely positioned to serve these communities by providing capital infusions, loans for education, and trusted advice. Rural credit unions, like the 5,392 nationwide, also provide jobs to areas that need them, help stimulate the economy, and provide savings for those stuck living paycheck to paycheck.