52213 - Credit Unions
Are you exploring opportunities in the finance sector or looking to understand more about Credit Unions as defined by the North American Industry Classification System (NAICS)? NAICS Code 52213 specifically covers Credit Unions, an essential part of the financial landscape. This code is crucial for businesses, government contracting, and industry analysis related to member-owned financial institutions. In this blog post, we'll dive deep into NAICS 52213 — what it entails, the types of businesses it includes, sector details, size standards, and more.
What is NAICS Code 52213?
NAICS Code 52213 refers to Credit Unions, which are member-owned financial cooperatives. Unlike traditional banks, credit unions operate on a not-for-profit basis, focusing primarily on serving the financial needs of their members. They provide a variety of financial services similar to traditional banking institutions including savings accounts, loans, and credit options, but their mission centers around member benefit rather than shareholder profit.
Sector and Typical Business Activities
- Sector: Finance and Insurance
- Industry Group: Depository Credit Intermediation
- NAICS Code: 52213
- Title: Credit Unions
Typical Business Types and Activities Under NAICS 52213:
- Member-owned financial cooperatives
- Savings and loan services designed for members
- Consumer lending (personal loans, auto loans, mortgages)
- Business lending tailored to member needs
- Credit and debit card issuance and management for members
- Financial counseling and education for members
Credit unions generally emphasize community focus, member participation, and financial education, setting them apart from commercial banks.
Size Standards for NAICS Code 52213
To qualify as a small business under NAICS code 52213, according to the U.S. Small Business Administration (SBA), a credit union typically must have assets under $600 million. This size standard determines eligibility for certain government contracting programs and assistance aimed at small businesses.
Examples of Businesses Under NAICS 52213
Businesses classified under NAICS 52213 include but are not limited to:
- Local community credit unions serving a specific geographic pool
- Employee-based credit unions serving company staff
- State or federally chartered credit unions offering member banking services
- Specialized credit unions providing financial services to professionals or associations
Detailed NAICS Code 52213 Information Table
| Attribute | Details |
|---|---|
| NAICS Code | 52213 |
| Title | Credit Unions |
| Description | Member-owned financial cooperatives offering savings, loan, and credit services on a not-for-profit basis. |
| Sector | Finance and Insurance |
| Typical Activities | Savings and loan services, consumer & business lending, member financial services |
| Size Standard (SBA) | Assets under $600 million |
| Examples of Businesses | Community credit unions, employee credit unions, association-based credit unions |
Frequently Asked Questions (FAQ) About NAICS Code 52213
What is the main difference between credit unions and banks under NAICS 52213?
Credit unions operate on a not-for-profit basis and are owned by their members, focusing on member benefit. Banks are for-profit institutions serving general customers.
Can businesses outside the financial sector be classified under 52213?
No, NAICS 52213 is exclusive to credit unions and similar member-owned financial cooperatives.
Are all credit unions federally regulated?
Credit unions can be federally chartered or state-chartered, both falling under NAICS 52213.
How can NAICS 52213 help businesses?
This code helps define industry standards for credit unions, useful for government contracting, market analysis, and compliance.
What size qualifies a credit union as a small business under SBA standards?
Credit unions with assets less than $600 million typically qualify as small businesses.
Conclusion
NAICS code 52213 plays a vital role in categorizing credit unions — unique financial cooperatives that champion member-focused banking solutions within the finance and insurance sector. Understanding this classification helps businesses align their operations correctly and access potential government programs designed for small financial institutions. Whether you're starting a credit union, seeking to contract with one, or conducting market research, knowing NAICS 52213 is essential for success in this sector.
Optimize your understanding of the finance industry and government contracting by staying informed about NAICS codes like 52213. Bookmark this guide for easy reference to credit unions and their industry classification!
