Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
SEFCU part of N.Y. bridge loan program for women, minorities
ALBANY, N.Y. (3/28/14)--SEFCU is one of five lenders--and the only credit union--participating in a statewide program that aims to expand access to short-term bridge loans for minority- and women-owned businesses in New York.
 
"This new loan program will provide small businesses and entrepreneurs--specifically those that are owned by women and minorities--the opportunity to compete for and execute state contracts by providing the working capital they need," said Michael Castellana, president/CEO of the $2.7 billion-asset credit union (The Point March 27).
 
Under the "Bridge to Success" program, Albany, N.Y.-based SEFCU and other lenders will make $20 million available in short-term, working capital loans to qualifying businesses.
 
Most loans made through the program will be for less than $200,000 and with terms of less than two years. The funds can be used to hire staff, buy materials or purchase equipment.
 
"We believe by providing these young companies, as well as seasoned ones, the necessary cash flow, they can compete and expand their business, boosting the economic vitality of our region," Castellana said.


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago