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50 Doing Business in Connecticut | 2016 INDUSTRY SPOTLIGHT › Insurance & Financial Services O ne of the advantages of Connecti- cut's financial market is that it is ro- bust and varied. While many states have a handful of large banks, Connecticut has those and a network of medium- and small-sized institutions, including a portfolio of credit unions. More and more, small loans to modest businesses are unavailable from the financial services giants, but fortunately the folks who own the Nutmeg State's mom-and- pop businesses can turn to credit unions for help. "ere's been a significant shi away from the entrepreneurial, or the mid-size business, the American-dream business," said Jill Nowacki, president of the Credit Union League of Connecticut, a nonprofit trade association. "ese are individuals who want to start a business in Main Street America, and they're looking for small loans — $50,000 or $100,000 — rather than multi- million-dollar loans." "ose aren't big bank customers," Nowacki continued, "and they have a hard time accessing affordable credit. Credit unions fill that niche." Business boosters ere are about 110 credit unions in Connecticut. eir sizes range from tiny to large. e smallest Connecticut credit union has about $150,000 in assets. e largest by assets — the Connecticut State Employees Credit Union — has about $1.8 billion. e largest by membership is East Hartford- based American Eagle Credit Union, which has more than 100,000 members. About one in four Connecticut residents is a member of a credit union, essentially a nonprofit, membership-based bank. e Hartford Municipal Employees Federal Credit Union recently opened a branch in Hartford's North End in space vacated by a big bank. Already, Hartford Municipal is gaining traction. Marco Signorello, Hartford Municipal's CEO, says the credit union is in a good position to make itself a leader in that community. Hartford Municipal, which has about $52.5 million in assets and about 83,000 members, recently expanded its charter to include among its members anyone who lives, works or attends church or school in Hartford. e credit union has five branches, four in Hartford and one in East Hartford. "We're building a name in the commu- nity," Signorello said. Overall, Hartford Municipal's market share increased about 22 percent year-over- year in 2015, and its membership grew about 12 percent. Clearly, Hartford Municipal's "financial services for the people" message is resonat- ing. And in the coming year, Signorello says the credit union will focus more intently on building its base of business customers with marketing campaigns aimed at convincing small businesses to make the switch from banks to the credit union. Brian Orenstein, CEO of Waterford- based Charter Oak Federal Credit Union, said businesses are turning to credit unions for fast decision-making and local funding. "e money comes from our com- munity and is rein- vested in our commu- nity," he said. "We're an experienced lender, so we make it our prior- ity to really know our business members for the long term — their concerns, their lending needs and their oppor- tunities for growth." Business bank- ing helped contribute to a "huge year" for Charter Oak in 2015, Orenstein said. e credit union's assets grew more than 10 percent to $935 million, and loans were up 17.2 percent. Dean Marchessault, American Eagle Federal Credit Union's CEO, said growth prospects are good in Connecticut. In order to take advantage of opportunities, though, credit unions must be "poised to recognize how the Connecticut population and work- force is changing." "Technology is front and center," Marches- sault said. "It helps to have a team at the credit union that understands the mission and why credit unions are different than banks." ❑ State's Credit Unions Ready to Lend By Matthew L. Brown Connecticut's Largest Credit Unions (Ranked by assets, June 2015) Brian Orenstein, CEO, Charter Oak Federal Credit Union Source: The Na onal Credit Union Administra on (www.ncua.gov). All data (assets, number of members, and loans and leases) date from June 30th. ' We're an experienced lender, so we make it our priority to really know our business members for the long term. ' — Brian orenstein, ceo, charter oaK federaL credit union Name City 2015 Assets 2015 members Year chartered Connec cut State Employees Credit Union Hartford $1,706,615,766 66,653 1946 American Eagle Financial Credit Union East Hartford $1,410,283,377 109,358 1935 Charter Oak Federal Credit Union Waterford $874,081,601 57,863 1939 Sikorsky Financial Credit Union Stratford $711,697,712 51,095 1948 Connex Credit Union North Haven $441,262,462 46,417 1940 PHOTO/COURTESY