2010 Archives
New Study Shows Chamber of Commerce Members Offer Safer Bet When it
HARRISBURG, PA (February 23, 2010) - The Harrisburg Regional Chamber & CREDC has announced the publication of a study conducted under auspices of the American Chamber of Commerce Executives (ACCE). This is a new study detailing 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. Produced by CorteraTM, a community-driven business credit bureau, on behalf of ACCE, the study includes the Bowling Green (KY) Area Chamber of Commerce, Greater Boca Raton (FL) Chamber of Commerce, Greater Durham (NC) Chamber of Commerce, Greater Omaha (NE) Chamber of Commerce, Helena (MT) Area Chamber of Commerce, Lake Champlain (VT) Regional Chamber of Commerce, Lubbock (TX) Chamber of Commerce, Salem (OR) Area Chamber of Commerce, San Diego (CA) Regional Chamber of Commerce, and Tulsa (OK) 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.
A complete copy of the study, which includes both the aggregate findings, as well as the individual commercial credit scores for each of the ten local chambers, is available on the ACCE and Cortera sites. The study was contracted by ACCE and performed by Cortera, which reviewed payment behavior for chamber member businesses.
"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."
The Harrisburg Regional Chamber & CREDC is a member of ACCE and the U.S. Chamber. President & CEO, David Black said, "In the global economy it is important that we stay connected to national organizations in order to bring the body of knowledge generated back to our members. Best practices are not limited to our region or our state and we have found the work of ACCE to be a tremendous asset in delivering value to our members. This study is yet another example that demonstrates similar findings to the Shapiro Study last year that showed being a Chamber member lends credibility to the member business. In this case, it also shows that businesses who are Chamber members, on average, have higher credit scores, which generally translates to the positive fiscal health of a business."
The Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties by providing a unique blend of business, community and economic development and advocacy services under one roof to boost our economic vitality and livability as a region. HRC/CREDC has been accredited with four stars from the United States Chamber of Commerce.
