News by SB Informer

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Technology CU to Offer SBA Guaranteed Loans

SB Informer
Monday, August 21, 2006; 01:25 AM

Technology Credit Union, one of the nation's largest credit unions, announced it will offer Small Business Administration (SBA) guaranteed loans, ranging from $25,000 to $2 million, to its small business members through a partnership with Newtek Business Solutions, an SBA licensed small business lending company.

SBA loans help small businesses obtain financing for which they may not qualify through normal lending channels. Requirements for this type of loan are generally more flexible and can be offered to a wider range of businesses. Financing under the SBA program can be guaranteed for a variety of general business purposes, including working capital for opening, expanding or acquiring a business, for purchasing machinery equipment, furniture and fixtures, land and buildings, leasehold improvements, and debt refinancing (under special conditions). The maturity period for SBA loans is typically longer than traditional loans -- up to 10 years for working capital and generally up to 25 years for fixed assets -- which can help make monthly payments more affordable for the small business owner.

"With this new loan program, we now have yet another tool to help our members grow and expand their businesses," said Sarah Samuel, Assistant Vice President of Business Services at Tech CU. "SBA loans tend to be more flexible in their requirements and offer more favorable terms to the business owner than they would get elsewhere. That's invaluable to someone who's trying to take their business to the next level."

Tech CU's small business loans will augment the credit union's recently launched suite of Business Services, targeted specifically to meet the needs of small businesses. This comprehensive line of products and services includes business savings, checking, Money Market and Certificate accounts, along with Business Lines of credit, a Business Mastercard, Apartment loans for investors and a referral program for payroll and merchant processing services.

Small businesses that are interested in applying for an SBA loan should contact Tech CU by calling 1-800-448-1467 or emailing businessservices@techcu.com.

About Technology Credit Union

Technology Credit Union (www.techcu.com) is a full-service financial institution serving the needs of technology and business professionals and their families who work, live, go to school, or regularly worship in Santa Clara, Alameda, San Mateo, Santa Cruz, San Francisco and Contra Costa counties. Tech CU was started in 1960, and is now among the top 1% of the nation's largest credit unions. With more than 70,000 members, over $1 billion in assets, and eight full-service branches throughout the Bay Area, Tech CU is a leader in the credit union industry.

About Newtek Business Solutions

Newtek is one of the premier providers of business services and financial products to small and medium-sized businesses throughout the United States. Since 1999, Newtek has helped business owners realize their potential by providing the essential tools they need to manage and grow their business. Newtek's core brands provide businesses with the high-quality services and top-level customer care that have traditionally only been affordable to larger companies.