- DBA and Corporate Accounts
- Low-Cost Business Checking/Share Draft
- Coin and Currency
- 24/7 Deposit Drop
Micro-enterprise Development Program
- Micro-Business Loans up to $25,000
- Business Line-of-Credit up to $10,000
- Business Training and Referrals
- Financial and Tax Reviews
DBA and Corporate Accounts
If you are in need of a Business Account, we offer two different options:
- DBA Account: If you have established a "Doing Business As" also known as a DBA name for your business, you can open a separate account or have it added to your existing account. There is no fee for adding it to your existing account and $10 to open a separate DBA account. Please be sure to bring proof of your DBA and separate tax ID #, (if applicable) for our records.
- Corporate Account: If you have incorporated your business, please bring a copy of the federal tax identification number (TIN) or state employer identification number (EIN) and a copy of your corporate papers. We will also ask for a signed corporate resolution which we have here at the CU, naming the officers of the corporation and the authorized signatures. The membership fee for opening a Corporate Account is $25.
Low-Cost Business Checking/Share Draft
We offer all the same services to our DBA and Corporate accounts as we do to our individual member accounts. There is no monthly service charge and no fees for deposit items or coin and currency requests. We will help you with all your "banking" needs and be available to help you with the financial needs of your business.
Coin and Currency
You can arrange with us to help you with your coin and currency needs for your business, whether for depositing money to your account or getting coin and currency for your business. There is no charge for this service but if you will be needing more than $1,000 in cash withdrawn, we ask that you call us 24 hours in advance until we set up a regular schedule if you will need this every week.
24/7 Deposit Drop
We have a secure deposit drop located on the outside of the building. The deposit drop capacity allows for secure paper currency and checks. It does not have capacity for large coin and currency deposits. It is available for all members to use. Deposits made are recorded AFTER we open at 10 AM each morning and checked just before closing each evening.
Micro-enterprise Development Program
Genesee Co-op FCU started this special program in response to the needs of its member business owners, as well as the businesses in the neighborhoods surrounding the credit union's office. We are the recipient of a grant from the Empire State Development Corporation which helps us assist underserved entrepreneurs, in particular women or minority business owners. Our loans and services are available to all members of the credit union. If you are not currently a member, you are also able to apply for a micro-enterprise loan but will be required to become a member if you are approved for the loan. However, financial and tax review services are available for CU members only.
Micro-Business Loans up to $25,000
We offer entrepreneurs a variety of options for their borrowing needs. Typically we start with a smaller loan of $2,000 - $5,000 but we will make a micro-business loan up to $25,000, depending on the borrower's credit score, ability to repay/cash flow, business experience (start-up versus long-term business) and our knowledge of you as a member. We offer both unsecured and secured loan options. Please contact our Loan Officer at 461-2230, x 16 for more information about applying for a micro-business loan.
Business Line-of-Credit up to $10,000
We offer a line-of-credit from $100 - $10,000 for your business when personally guaranteed. Please contact our Loan Officer at 461-2230, x 16 for more information about applying for a Business Line-of-Credit.
Business Training and Referrals
We provide our members with our recommendations for business training as part of our review of business plans. We will also help micro-entrepreneurs with suggestions about the format and content of the business plan, if they are in need of developing a formal business plan. We refer many people to our Community Partnership Organizations, who are able to help with developing a business plan and other forms of technical assistance. We offer feedback on your business plan: what we see as its strengths and weaknesses, areas for improvement or what else needs to be addressed. We want our members' businesses to succeed and are happy to provide our feedback as a potential lender or customer of the business! Contact our Loan Officer at 461-2230, x16 for more information about this service. Community Partnership Organizations
- South Wedge Planning Committee (SWPC) is a neighborhood-base grassroots community development corporation serving the South Wedge Urban Village in Rochester, NY. The following is from the SWPC website: www.swpc.org.
SWPC began its business advising and development program in 2001. The program has been a collaborative effort between SWPC, SUNY Geneseo and the Business Association of the South Wedge Area (BASWA). In the past year approximately 68 individuals and businesses have received advisory services through the Small Business Development Center at SUNY Geneseo. SWPC is pleased to offer local business one-on-one consultations with small business experts. We help business create business plans, secure retail space and apply for grants and funding. These services are all offered free of charge.
If you are interested in starting a business here in the South Wedge, please give us a call. We can help you get started. For more information about our business assistance programs, please contact Eilleen Thomas at (585) 256-1740 ext.103.
- The Urban League of Rochester's Business Development Center assists minorities and women in launching and growing their businesses through classroom instruction and one-on-one technical assistance. We also assist dislocated workers, the disabled, and other small aspiring businesspersons, in the start-up, development and/or expansion of independent self-owned micro enterprise ventures. The Center is one of 20 Entrepreneurial Assistance Program (EAP) Centers in NY State, funded by New York State's Empire State Development. The Business Development Center holds monthly orientation sessions for new or prospective clients.
Classes are offered twice a year. An 18-hour Mini Workshop Series is offered each spring and a 60-hour Business Planning Workshop Series is offered from September to December each year. One-on-one counseling is offered year round. The Center is funded by the Empire State Development Corporation, State Farm Insurance Companies, and The Women's Foundation of Genesee Valley. Entrepreneurs pay an annual membership fee of $75, which entitles them to all Center services and training workshops.
The Urban League of Rochester has been an EAP Center for 20 years and received a 2007 Award for Excellence for "Outstanding Program Performance and Achievement and Dedication to the Entrepreneurs of New York State."
For more information, contact Stephanie Miles at the Business Development Center at 585.325.6530 ext. 3066 or .
Financial and Tax Reviews
We provide our members with the free service of reviewing your financial statements with you — whether for a DBA or a separate corporation to provide you with advice or suggestions about the financial condition of the business. We will also assist you with some tax information or provide you with referrals, including for free income tax preparation if you qualify. We will review your taxes or assist you in setting up accounts for saving for your sales and or income taxes.