The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
President’s Message: Growth and Milestones
Although we’re not even midway through 2018, the Mid Oregon team is pausing to reflect on some significant growth milestones we’ve achieved together.
30,000 Members, One Billion Dollars Loaned
We’re happy to report that our total membership has passed the 30,000 mark. In addition, we crossed another threshold recently—granting a total of $1 billion in loans since our institution was founded. We know these milestones are a reflection of our community’s growth and our members’ preference for a local place to do their financial business.
We also know it has a lot to do with members like you, who recommend Mid Oregon to your friends, neighbors, and colleagues. We take the trust you place in us very seriously, and we work hard to continue to earn it. This growth strengthens our cooperative and allows us to extend new and better services to every member.
One example of this is rolling out right now. You’ve been asking for a full-featured Mobile Banking App, and we’re pleased to announce that it’s ready! In addition to mobile deposit, our new mobile app allows you to manage your accounts on the go by viewing balances, making transfers, and even paying bills.
Celebrating Special Anniversaries
We also have a lot of special anniversaries to celebrate—the second year since our La Pine branch opened, the one-year anniversary of the opening of our Sisters branch, and one of my favorites—the 20th anniversary of our Redmond branch. It’s hard to believe that only 20 years ago, we were stretching our capacity to operate two branch locations, and now we’re managing seven locations with more than 100 employees!
We couldn’t do it without a great team. By promoting from within and hiring new teammates who show up ready to foster our culture of excellent member service, community responsibility and continuous learning, we’re poised to embrace whatever our members need in the future.
We’re grateful for the opportunity to help you and your family achieve your financial dreams. Thank you for your membership!
Bill Anderson, CEO
Mid Oregon Credit Union
The Importance of Small Businesses
For years, Central Oregon has been known as the land of small business. In fact in 2016, Bend ranked #1 in Forbes’ annual look at the Best Small Places for Business and Careers.
In Oregon, small businesses account for 98% of all firms, employ over half the state’s workforce and play a vital role in our economy. That’s especially true for rural Oregon, which depends on small business for economic growth.
As this week is National Small Business Week, we thought we would recognize the importance of small businesses here in Central Oregon.
About National Small Business Week
From April 29th through May 5th, the Small Business Administration (SBA) recognizes outstanding entrepreneurs and small business owners from across the U.S. Here’s what their website has to say about National Small Business Week:
“Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.
“More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.
“As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st century jobs, drive innovation, and increase America’s global competitiveness.”
Why Small Business is Important to Mid Oregon
Mid Oregon Credit Union’s membership is very reflective of the composition of Central Oregon residents. While our foundation is still with educators- being chartered by 8 Crook County School District Employees in 1957- our current account makeup has a large concentration of self-employed people. Our commercial services and business members are also growing at a fast pace. Today, the numbers are significant:
- 1,415 of our 30,000+ accounts are business accounts
- Of those, 582 are sole proprietors & 740 are partnerships, limited liability companies or corporations
- Over 1,350 of those businesses use us for checking account services
- Over 2,400 accounts are for self-employed people, which has increased over 25% in the last 2 years
- Those self-employed members rely on us to enhance their financial well-being, with over $51 million in loans and deposits
- Mid Oregon member businesses have over $37 million in commercial loans, financing a variety of Central Oregon business needs
Mike Testerman, Mid Oregon’s Commercial Services Director, noted one of our best kept secrets about our business services:
“People are quite surprised when they learn Mid Oregon Credit Union can provide a range of financing for small businesses that can include multi-million dollar projects.”
Our business accounts are representative of our Central Oregon focus, and the diversity of our communities. Bend-based businesses make up 44% of our accounts, followed by Redmond at 16%, Prineville (10%), La Pine (10%), Madras (9%), Terrebonne/Crooked River Ranch (4%), Sisters (3%), Sunriver and Culver (each 2%). We also have business members in Powell Butte, Mitchell, Crescent, Silver Lake, and other smaller towns.
Small Business Resources in Central Oregon
There are great resources for businesses in Central Oregon, which are necessary to their success. Beyond the Small Business Administration, local business people can turn to these great community partners:
Do you pay your child an allowance?
Our continued focus on kids and money during Credit Union Youth Month!
To allowance or not to allowance…. that is the question. Whoever you ask, you’ll get a variety of viewpoints on whether giving our children an allowance helps them become better money-managers. Some parents give their children a fixed amount each week, some give allowances for certain chores, and others don’t believe in giving any sort of allowance at all.
For instance, personal finance expert Dave Ramsey doesn’t recommend giving kids fixed allowances, but instead believes in paying “commission.” By paying at the completion of each task, children can control how much they earn, and see the immediate payoff of a job well done.
Allowance as a Teaching Tool
One study showed that while 90% of parents gave children an allowance based on chores, only 80% talked with their children about money management. As a parent, teaching them to be responsible with money should be just as important as teaching them responsibility in other areas of their lives.
An allowance gives you the opportunity to give your child some experience with money. It allows him or her to see how choices have consequences and plan for the future. And perhaps most importantly, it gives kids a chance to make mistakes while the stakes are relatively low. When their own money is at stake, they’ll quickly learn how to research the things they’d like to buy, and become more informed consumers. These lessons are far less painful when your child is buying a pair of sneakers or the latest toy craze, instead of their first car or home.
Learn the Basics, and Pass Them Along
Many of us are less vocal about financial conversations with our children because we’re not confident about money ourselves. If you need a little help, you can learn some of the basic financial concepts to teach your kids in this informative series of podcasts from Joel Chrisler, host of the Internet radio show Real Life 101.
Podcast: What Parents Should Teach Their Kids by Kindergarten
Podcast: What Parents Should Teach Their Kids by Middle School
Podcast: What Parents Should Teach Their Kids by High School
Here are some other ideas for raising money-savvy kids:
- Teach them to budget in age-appropriate ways. Use a three-jar system to help your child make saving, spending, and sharing a regular habit. If your child is ready for his or her own savings account, you’ll receive a Moonjar Moneybox when you open a Mid Oregon Children’s Account.
- Consider matching their savings. Some kids spend every cent they have. If you struggle to get your child to save, consider matching-dollar-for-dollar everything they deposit in their savings account. Then celebrate together as their savings grows.
- Involve your kids in family budgeting. Set a savings goal together, such as a family vacation or a new play structure for the back yard. Come up with a fun way of tracking your savings (such as a poster, whiteboard, or even a model made of Legos), and discuss ideas for how you can achieve your goal faster–whether by reducing your expenses or increasing your earnings. Children can help by collecting cans, house- or pet-sitting, or helping neighbors. Everyone can help by finding ways to reduce grocery and utility bills, clipping coupons, and setting aside a little extra from their birthday money or tax refunds.