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News Now

CU System
MBL helps Jersey vet open chiropractic office
BRIDGEWATER, N.J. (10/5/11)--Financial Resources FCU, Bridgewater, N.J., recently helped a veteran re-establish himself with its first Patriot Express loan, as part of the Small Business Administration’s (SBA) Patriot Express Pilot Loan Initiative program.
In closing its first Small Business Association Patriot Express loan, Financial Resources FCU, Bridgewater, N.J. helped Navy veteran Dr. Michael Eosso open a chiropractic office. From left, Marc Sovelove, senior vice president of lending for Financial Resources FCU congratulates Eosso, owner of Back in Health Chiropractic, Branchburg, N.J. (Photo provided by New Jersey Credit Union League)
Dr. Michael Eosso, a veteran of the U.S. Navy, will use his loan to start up a chiropractic office in Branchburg, N.J. told the New Jersey Credit Union League (The Daily Exchange Oct. 4) The program was created by the SBA to help veterans and members of the military community establish or expand small businesses. “This loan has allowed me to get office space and purchase necessary equipment,” Eosso said. “For that, I am grateful.” Marc S. Sovelove, senior vice president of lending at Financial Resources FCU and his member business lending team worked to make the Patriot Express lending process as accessible as possible to Eosso. “We look forward to making many more loans of this kind,” Sovelove told the league. Patriot Express loans can be used for start-up costs, equipment purchases, business-occupied real-estate purchases, working capital, expansion and more. Typically, Patriot Express loans feature the SBA’s lowest interest rates for business loans, generally 2.25% to 4.75% over prime, depending upon the size and maturity of the loan, said the league. The Credit Union National Association and credit unions are urging Congress to increase credit unions’ member business lending cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity for credit unions to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.


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