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News Now

CU System
Texas Trust CU focuses on loans to power growth jobs (07/04/2011)
MANSFIELD, Texas (7/5/11)--Texas Trust CU announced an aggressive new small business lending program last week, in which tens of millions of dollars will be available in both conventional and Small Business Administration (SBA) loans. The Mansfield, Texas-based, $680 million asset credit union is focusing on loans of $3 million or less, particularly in the medical and healthcare sectors. The loans will extend the available pool of loan funds to a greater number of small businesses than if Texas Trust offered only a few large loans, said, Mark Joyce, executive director of business services. "We are open to any sound request for loan funds from small businesses," he said. Joyce noted that Texas Trust CU came through the recession "in a very strong position. We aren't in the tenuous position that so many banks are in today. That allows us to make funds available to the small business community, an area where banks have been so reluctant to invest." The credit union sees the loans "as an important way for Texas Trust to invest in the community we serve, encouraging job growth and economic activity. This will benefit not only our members, but everyone in and around the cities and communities of North Texas and East Texas," Joyce said. The Credit Union National Association and credit unions are pushing for Congress to increase the member business lending cap to 27.5% of assets from 12.25% to help generate $13 billion in new small business loans and 140,000 new jobs without costing taxpayers.


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