Welcome to Credit Union Conversations! This week, we kick off an exciting new series focused on the relationship between credit unions and small business owners. Host Mark Ritter is joined by Nathan Crouch from Erie Federal Credit Union and one of their standout business members, Joseph Markiewicz. Together, they’ll explore the ins and outs of the lending process, from the challenges business owners face to the qualities they value most in their financial partners. Tune in as they discuss real-world experiences, share insights on what credit unions can do better, and highlight how these partnerships drive success for local businesses. Today, we're heading to Northwest Pennsylvania to spotlight Erie Federal Credit Union—don’t miss it!

IN THIS EPISODE:

• [3:11] Nathan explains his role at the credit union 
• [6:24] Joe explains how he decided to go into business for himself
• [15:29] Why Joe made the switch to managing a wedding venue
• [19:41] Nathan describes how the credit union assisted with Joe’s small business plan
• [21:35] Joe’s relationship with the credit union and why he trusts them
• [26:13] Nathan sees a growth outlook for small business in his area, and Joe offers advice to other entrepreneurs 

KEY TAKEAWAYS: 

• A key takeaway from the discussion on financing the wedding venue is the value of strong relationships between members and their credit unions. Nathan Crouch highlights the importance of detailed planning, including business plans and cash flow projections, when evaluating unique loan requests like this one. The credit union's willingness to collaborate and leverage community resources reflects its adaptability and commitment to supporting members' entrepreneurial ventures. The members' loyalty to the credit union stems from competitive lending rates, excellent customer service, and open, honest communication with their financial advisors.
• The outlook for the small business environment is optimistic and growth-oriented. Despite the typical seasonal slowdown in commercial lending during the fourth quarter, there has been robust loan demand. This indicates that business owners remain confident in the economic conditions and actively pursue growth opportunities. Credit union employees see this as a positive sign, reflecting a robust mindset among local entrepreneurs and a willingness to invest in their businesses despite external challenges.
• It is critical to start with strategic planning and balance. Instead of constantly chasing growth, small businesses should focus on achieving efficiency, streamlining processes, and aligning goals with personal priorities. Learning from the successes of others, taking educated risks backed by thorough research, and being open to feedback from trusted sources. Joe’s approach underscores that success often comes from leveraging proven ideas and maintaining a clear sense of purpose rather than attempting to reinvent the wheel.

RESOURCE LINKS: 

Mark Ritter - Website

Mark Ritter - LinkedIn

Edinboro Storage Center - Website

Country Elegance Venue - Website

BIOGRAPHIES: 

Joe Markiewicz is the owner of a wedding venue in Erie, PA.

Nathan heads up business lending at Erie FCU.