SAN ANTONIO -- The Small Business Administration has tapped United San Antonio Federal Credit Union a 7(a) loan program lender.
The 7(a) program can be used to boost capital for start-up ventures or expand small businesses. Under the program, the SBA may guarantee up to $1.5 million of the loan made by a private-sector lender provided the total loan amount does not exceed $2 million, according to the agency.
"We are excited to be able to offer this new financing option to members and potential members," said Steve Coomes, president/CEO of $215 million United SA. "Many in this community possess an entrepreneurial spirit and we look forward to helping them realize their dreams of business ownership or expansion."
More than 300 credit unions are currently offering SBA 7(a) loans.