Alternatives' members tell how it became top SBA lender
ITHACA, N.Y. (12/13/06)--With an average member small business loan of $40,000, Alternatives FCU earned honors for its lending from the Small Business Administration.
Members of the Ithaca, N.Y., credit union testified to its power and support during a press conference during which the credit union was named top federal credit union lender in the Southern Tier.
The $50 million asset credit union made 124 member business loans in 2006, in amounts ranging from a few hundred dollars to $300,000 (Ithaca Journal Dec. 8).
Mary Biggs, who has a master's degree and years of child care experience, decided she wanted to buy the Under Cottonwood Daycare preschool. Between building repairs and purchasing equipment, Biggs ran into financial problems.
Alternatives FCU helped her to build a business plan and approved a loan for her to purchase the business.
Other members of the credit union were able to secure funding to purchase a tack shop's inventory for a new equine-based business or launch a company for voice-recognition software.
Tori Brown and her business partner, Chimene Motivero-Cole, expanded their Pilates Room business to become part of Island Health and Fitness. Brown said the credit union supported them when other doors were being "slammed left and right."
Member business loan officer Michael Culotta works with Business CENTS employees to coach members through the business plan and loan process. The SBA funds the salaries of the Business CENTS staffers.
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