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Generations FCU releases small biz lending guide
SAN ANTONIO (9/27/12)--San Antonio-based Generations FCU has released its Small Business Lending Guide designed to assist small-business owners through the process of applying for financing for their companies.

The guide is a 30-page brochure that covers topics such as the business plan, types of financing, document samples and understanding corporate credit.

"Generations has been conducting small-business lending for more than 30 years," said Andrew Wilson, vice president of lending at the $394 million asset credit union.  "During that time we have seen again and again that small-business owners who are quite savvy in the day-to-day operations of their business, can sometimes struggle when it comes to compiling all the documentation that is required to gain funding."

The guide is meant to be "a step-by-step instruction manual for them in an effort to eliminate many of the hurdles, but also a lot of the mystique that comes with applying for business lending," he said.

In a recent infographic entitled "5 Essential Steps to Financing Your Small Business," the credit union highlights the need for small-business owners to review their credit reports, formulate an effective business plan, gather all necessary supporting documents and apply for the loan that best fits their needs. Ninety percent of small-business owners indicated in a national study recently that access to capital has been a problem for their business.

"This has been a rough couple of years for small-business owners," Wilson said.  "They were hit not only with the same recession that consumers faced, but then they also had to deal with many of their traditional lines of financing going away. So credit unions across the country, including Generations, are working very hard to let those small-business owners know that we are here, we have always been here, and we are ready to meet their needs."

The Credit Union National Association and credit unions are urging Congress to enable more credit unions to help small businesses by passing legislation that would raise credit unions' member business lending cap to 27.5% of total assets, from the current 12.25%. Doing so would help inject $13 billion into the economy in small-business loans and help create 140,000 new jobs the first year. Raising the cap would not cost a dime for taxpayers.


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