HERNDON, Va. (9/24/13)--Northwest FCU in Herndon, Va., has been certified to provide Small Business Administration (SBA) loan-financing options for community businesses looking to expand, consumers in the market for start-up funding, or realtors with clients seeking commercial properties.
"As an SBA-certified lender, both existing business members and other business owners who want to join us can come directly to the credit union for financing," said Tony Price, the $2.57 billion asset credit union's new SBA manager. "Traditionally, larger, out-of-town financial institutions were the primary sources for business loans. Now members can have their borrowing needs met by an institution that's part of their own community."
Price will lead Northwest FCU's new SBA program, generating awareness and building the credit union's brand in the market. His commercial lending experience includes working at a local community bank, at Capital One and at Wachovia/Wells Fargo, where he spent 10 years.
"A common misconception is that SBA loans are complex or cumbersome, and they can be when you don't have someone to help guide you and manage the process," he explained. "Northwest Federal can help small businesses find the best loans for their needs, answer their questions and, in many cases, turn the loans around in seven to 10 days. It doesn't have to be complicated."
The Credit Union National Association and credit unions are pressing Congress to increase credit unions' member business lending cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity 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.