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When fashion designers getting into the business in Omaha, Neb., have questions about finances, they are increasingly turning to SAC Federal Credit Union, a leading sponsor of Omaha Fashion Week.
The $772 million credit union serving 89,000 members has parlayed its ties to the fashion showcase and to business members Brook and Nick Hudson, who own Omaha Fashion Design, into a program that offers support for designers launching their own businesses. That support takes the form of consulting, counseling, planning, and access to business accounts and loans. Small business loans, beginning at $1,000, are offered through the partnership.
As Gail DeBoer, CEO of SAC FCU and a CUES member, told a local newspaper, the goal of the program "is to help these amazing individuals who are designing incredible things to get the business side of the puzzle right, too. If we can help them with that early on, it's a win for us, a win for them and a win for Omaha."
The partnership has also been a bit of a showcase for the credit union and its business services. In fact, a "preview night" open to the public during April's Omaha Fashion Week was held at the main SAC FCU office.
The credit union, which has offered business services for more than 20 years, is consulting with several designers whose work is showcased in fashion events held each April and August and with other local businesses affiliated with the fashion industry. "Since the relationship is becoming more mature, the word-of-mouth advertising among the designers is really pushing the leads," DeBoer says.
This program may present a model for partnering with other business sectors and connecting with the wider business community, she adds. "A more general application of the concierge banking program is the logical extension of the Fashion Week efforts. We are learning much from the designers, and we will apply those learnings to other start-ups as this program expands in the entrepreneur community."
Karen Bankston is a long-time contributor to Credit Union Management and writes about credit unions, membership growth, marketing, operations and technology. She is the proprietor of Precision Prose, Stoughton, Wis.
