“Studies have shown that consumers tend to prefer companies that are Chamber of Commerce members,” said Gary Farlow, president and chief executive officer of the Cleveland/Bradley Chamber of Commerce.
“And a new study by ACCE reinforces those consumer tendencies and supports our belief that local businesses should be members of the local chamber.”
The American Chamber of Commerce Executives this week announced the publication of a new study detailing the credit scores and payment behavior of 10 local chambers of commerce across the United States, comparing their member businesses with other regional, state and national business averages.
Produced by Cortera™, a community-driven business credit bureau, on behalf of ACCE, the study includes the Bowling Green (Ky.) Area Chamber of Commerce, Greater Boca Raton (Fla.) Chamber of Commerce, Greater Durham (N.C.) Chamber of Commerce, Greater Omaha (Neb.) Chamber of Commerce, Helena (Mont.) Area Chamber of Commerce, Lake Champlain (Vt.) Regional Chamber of Commerce, Lubbock (Texas) Chamber of Commerce, Salem (Ore.) Area Chamber of Commerce, San Diego (Calif.) Regional Chamber of Commerce, and Tulsa (Okla.) Metro Chamber.
According to the study, chamber of commerce 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.
“Chamber members have long been seen as responsible and reliable members of their community,” said Mick Fleming, president and CEO of ACCE. “What this study indicates is 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. In this economy and the tight credit environment we are experiencing, that’s especially important.”
“The economic health of the entire supply chain is dependent on the payment behavior of each of its stakeholders,” said Jim Swift, president and CEO of Cortera. “This study suggests that chamber members are among the most dependable participants in this ecosystem.”
Farlow summarized the study. “Simply put, the study says that chamber of commerce members pay their bills faster and possess better credit scores than other businesses.”
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