Credit unions should want to work with veterans not only because it’s aligned with their mission of community service and member empowerment, but also because it presents a mutually beneficial opportunity—one that strengthens both the veteran population and the credit union itself. Here's why:
1. Mission Alignment: People Helping People
Credit unions are built on the philosophy of "people helping people." Veterans have served the country selflessly, and credit unions—by supporting them—honor that service in a meaningful, mission-driven way.
Shared values: Veterans embody values like integrity, commitment, and service, which align perfectly with the cooperative principles that credit unions uphold.
Community impact: Supporting veterans also means supporting their families, small businesses, and broader communities, making it a high-impact way for credit unions to live out their purpose.
2. Veterans Are a Large and Underserved Market
There are over 18 million U.S. veterans, with millions more active-duty service members, National Guard members, and reservists.
Many veterans are underbanked or underserved, especially those transitioning to civilian life. They often need help navigating financial systems, making them ideal candidates for personalized financial education and services that credit unions excel at.
Many veterans are also eligible for VA benefits, housing loans, and small business grants, which credit unions can help them access or manage.
3. Stable, Loyal, Long-Term Members
Veterans tend to be loyal members when treated fairly and respectfully.
They often seek financial institutions they can trust, and credit unions—being member-owned and not-for-profit—offer a trustworthy alternative to large, impersonal banks.
Their needs evolve over time (housing, education, entrepreneurship, retirement planning), making them strong candidates for lifelong financial partnerships.
1. Mission Alignment: People Helping People
Credit unions are built on the philosophy of "people helping people." Veterans have served the country selflessly, and credit unions—by supporting them—honor that service in a meaningful, mission-driven way.
Shared values: Veterans embody values like integrity, commitment, and service, which align perfectly with the cooperative principles that credit unions uphold.
Community impact: Supporting veterans also means supporting their families, small businesses, and broader communities, making it a high-impact way for credit unions to live out their purpose.
2. Veterans Are a Large and Underserved Market
There are over 18 million U.S. veterans, with millions more active-duty service members, National Guard members, and reservists.
Many veterans are underbanked or underserved, especially those transitioning to civilian life. They often need help navigating financial systems, making them ideal candidates for personalized financial education and services that credit unions excel at.
Many veterans are also eligible for VA benefits, housing loans, and small business grants, which credit unions can help them access or manage.
3. Stable, Loyal, Long-Term Members
Veterans tend to be loyal members when treated fairly and respectfully.
They often seek financial institutions they can trust, and credit unions—being member-owned and not-for-profit—offer a trustworthy alternative to large, impersonal banks.
Their needs evolve over time (housing, education, entrepreneurship, retirement planning), making them strong candidates for lifelong financial partnerships.
4. Financing Opportunities for Veterans
Veterans have unique financial needs that credit unions can meet through tailored products:
VA home loans support: Credit unions can assist veterans in navigating VA-backed mortgages, offering favorable terms with no down payment and reduced fees.
Auto loans, personal loans, and credit-building tools to support financial reintegration.
Small business loans for veteran entrepreneurs, who account for more than 2.5 million small businesses in the U.S.
Credit unions that offer specialized products for veterans differentiate themselves and fill critical gaps in the financial ecosystem.
5. Veterans Bring Leadership and Economic Value
Veterans often transition into roles in public service, skilled trades, education, law enforcement, and small business ownership, all of which contribute to a strong local economy.
Veterans bring a disciplined, long-term approach to personal finance and business—making them reliable borrowers and community leaders.
6. Financial Education and Transition Support
Transitioning from military to civilian life is one of the most financially complex times for veterans. They may struggle with budgeting, credit, benefits navigation, or homebuying.
Credit unions can provide financial education, workshops, and 1:1 support for veterans, helping them succeed while building lasting member relationships.
7. Access to Partnerships and Veteran Networks
By serving veterans, credit unions can partner with veteran-focused organizations like:
Veterans Affairs (VA)
Veteran Service Organizations (VSOs)
Military transition assistance programs
Veteran-owned business networks
These partnerships can expand visibility, trust, and membership while allowing credit unions to amplify their impact.
Veterans have unique financial needs that credit unions can meet through tailored products:
VA home loans support: Credit unions can assist veterans in navigating VA-backed mortgages, offering favorable terms with no down payment and reduced fees.
Auto loans, personal loans, and credit-building tools to support financial reintegration.
Small business loans for veteran entrepreneurs, who account for more than 2.5 million small businesses in the U.S.
Credit unions that offer specialized products for veterans differentiate themselves and fill critical gaps in the financial ecosystem.
5. Veterans Bring Leadership and Economic Value
Veterans often transition into roles in public service, skilled trades, education, law enforcement, and small business ownership, all of which contribute to a strong local economy.
Veterans bring a disciplined, long-term approach to personal finance and business—making them reliable borrowers and community leaders.
6. Financial Education and Transition Support
Transitioning from military to civilian life is one of the most financially complex times for veterans. They may struggle with budgeting, credit, benefits navigation, or homebuying.
Credit unions can provide financial education, workshops, and 1:1 support for veterans, helping them succeed while building lasting member relationships.
7. Access to Partnerships and Veteran Networks
By serving veterans, credit unions can partner with veteran-focused organizations like:
Veterans Affairs (VA)
Veteran Service Organizations (VSOs)
Military transition assistance programs
Veteran-owned business networks
These partnerships can expand visibility, trust, and membership while allowing credit unions to amplify their impact.
8. Positive Branding and Public Trust
Supporting veterans enhances a credit union's reputation and credibility.
It positions the institution as socially responsible, patriotic, and committed to the well-being of those who served.
This can resonate strongly with existing members and attract new ones who want to support a community-first financial institution.
9. Veteran Hiring and Internal Growth
Veterans can also become valuable employees. Many credit unions already prioritize hiring veterans due to their leadership, discipline, and mission-driven mindset.
Hiring veterans supports internal diversity and strengthens the institutional culture of service and excellence.
In Summary
Credit unions should want to work with veterans because it:
Deepens community impact
Opens new markets and loyal membership segments
Aligns with their founding mission
Enhances brand reputation and trust
Provides a competitive edge through veteran-focused services
Contributes to economic development through home ownership, education, and entrepreneurship
It’s a partnership where everyone benefits—from individual veterans to the broader community and the credit union itself.
Supporting veterans enhances a credit union's reputation and credibility.
It positions the institution as socially responsible, patriotic, and committed to the well-being of those who served.
This can resonate strongly with existing members and attract new ones who want to support a community-first financial institution.
9. Veteran Hiring and Internal Growth
Veterans can also become valuable employees. Many credit unions already prioritize hiring veterans due to their leadership, discipline, and mission-driven mindset.
Hiring veterans supports internal diversity and strengthens the institutional culture of service and excellence.
In Summary
Credit unions should want to work with veterans because it:
Deepens community impact
Opens new markets and loyal membership segments
Aligns with their founding mission
Enhances brand reputation and trust
Provides a competitive edge through veteran-focused services
Contributes to economic development through home ownership, education, and entrepreneurship
It’s a partnership where everyone benefits—from individual veterans to the broader community and the credit union itself.
The National Credit Union Coalition for America's Heroes is a non-profit, 501c6 professional organization aimed at supporting and advancing its membership. NCUCAH is proudly managed by Synergistic CU Solutions.
© 2024 All Rights Reserved.
© 2024 All Rights Reserved.