A credit union is similar to a commercial bank, it can provide the same products and services like a commercial bank, but what is different is that the credit union is owned by members who are the shareholders and at the same time are customers to the credit union. Credit unions can provide different saving accounts to suit the needs of their members.
While policy choices have led to an avoidance of widespread insolvency up to now, it is an unfortunate reality that the effects of the pandemic on SME balance sheets, combined with structural changes that have either been created or exacerbated by it, mean that some SMEs will be unviable.