For nearly 82 years, Black Hills Federal Credit Union (BHFCU) has been passionately serving and improving the lives of its members and communities throughout the state.

With products and services made to fit members’ unique needs, BHFCU finds the best solution for each individual.

“Our friendly, knowledgeable financial and lending experts are here to help you reach your personal and financial goals,” said Mike Murdy, senior business lender.

It is their mission to serve the greater good and make a positive impact on the lives of their members.

“One thing I love about Black Hills Federal Credit Union is our willingness to insight in our communities and members and help make their dreams come true,” expressed Murdy.

Murdy shares more about his career, business loans, and advice to aspiring small business owners.

WHAT DREW YOU INTO THE BANKING INDUSTRY?

As a young professional, I found myself getting more and more interested in the numbers side of business. It was at that point I decided to go back to school for my MBA and, not long after, an opportunity to get into the financial industry presented itself. I started off in consumer banking, but when I moved to the business side, I never looked back.

WHAT SERVICES CAN BLACK HILLS FEDERAL CREDIT UNION PROVIDE?

Whether you’re just starting out or ready to expand, BHFCU offers a wide array of business services and loans. From business credit cards and start-up loans to multi-million-dollar real estate transactions. Whatever your stage in business, we can find a unique solution.

WHAT’S ALL COVERED WITH A BUSINESS LOAN?

The better question is what isn’t covered by a business loan? That’s why I encourage people to just start that conversation. It all depends on the business and the purpose of the loan. It can range from start-up funds, working capital, operating lines, and capital expenditures, to business expansion, real estate acquisition, construction projects, to refinancing.

IF YOU WERE TO START A BUSINESS ON YOUR OWN, WHAT STEPS WOULD YOU TAKE?

To start, I would research to understand where there are market opportunities, who my competition is, and how I would differentiate myself, then it’s time to business plan. This would be overwhelming on my own, so next, I would reach out to my nearest Small Business Development Center to formalize my plan. During the business planning process, I would want to understand my break-even points, projected income, and how much market share is needed to be profitable to make my dream business a reality.

WHAT PIECE OF ADVICE WOULD YOU GIVE TO SOMEONE STARTING A BUSINESS?

Make sure you’re passionate about whatever it is you’re starting, staff and customers will take notice. It takes time, energy, and effort to grow a business, that’s why it’s equally as important to have a good team behind you. You’re required to wear numerous hats and working with a business lender helps are a couple of those. We’re here to be the encouraging voice in your ear and remind you that slow and steady wins the race.

For more information, visit BHFCU.COM.

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