We’ve always thought that members of our chamber are quality businesses. In fact, many people tell us they view being a member of The Chamber as the “good housekeeping seal of approval”. Now there’s proof in the theory. According to a recent study, businesses that belong to their local chambers of commerce have better credit scores and pay their bills faster than businesses that do not belong.
The American Chamber of Commerce Executives (ACCE) recently released the findings of a new study. The study details the credit scores and payment behavior of ten local chambers of commerce across the United States, comparing their member businesses with other regional, state and national business averages.
Chamber members have long been seen as responsible and reliable members of their community. This study indicates that the perception is right. From a credit standpoint, chamber members on average are better businesses, and as a result they have significant advantages in obtaining the funds they need. And, in this economy and the tight credit environment we are experiencing, that’s especially important.
According to the study, chamber members possess an average credit score of 629, compared to a 557 average score for businesses at large. Such scores…the payment behavior from which they are derived …play a significant role in attracting lines of credit and securing favorable terms from lenders and suppliers.
We’re proud of our members and the contributions they provide to making Kansas City a better place to live and work.