The recent years have been the golden age for startups. For those who want to build their own business, there's the top funding source that you can turn to for your startup.
Inc. reported that credit unions may be the best-kept funding source for financing your startup. Apparently, these were developed as community-focused financial institutions and are still committed to their social responsibility.
"Credit unions are financial institutions owned and governed by members as a cooperative," Chief Marketing Officer for CO-OP Financial Services Samantha Paxson said. "All account holders are members, with collective total assets used for financial purposes. Credit unions are not-for-profit entities, meaning that their purpose is to serve the best interests of members rather than maximize profit margins."
Credit union accounts are given the same protection as FDIC-insured bank deposits under the National Credit Union Administration (NCUA). As an entrepreneur, this can help you get viable financial resource for your startup.
These institutions often offer the lowest loan rates and fees. A recent survey revealed that credit unions offer rates that are nearly 2 percent lower than that of banks.
Aside from lower fees, loaning from a credit union gives you full control over your business decisions. This is definitely an advantage from entrepreneurs who receive funding from a venture capital firm, who may take the rein in operations or require a stake in your company.
"Working with a credit union, you are more than just a customer," the publication wrote. "You are a member. You can expect to be treated with superior customer service and may even receive counsel on financial decisions."
Meanwhile, Business Insider collated a list of the top 30 startups whose value has increased the most since 2012. The list included WhatsApp, AppNexus, DocuSign, Machine Zone, SpaceX and Square.
Taking the number one spot is Uber which has gotten a whopping $49.9 billion increase in value. Airbnb comes in second place while data analyzer company Palantir ranked third.