First SBA 7(a) Loan Comes to Mid-Atlantic
GERMANTOWN, Md. -- Mid-Atlantic Federal Credit Union has marked a milestone with its first small-business loan under the Small Business Administration's 7(a) loan program.
The $200 million financial institution said it was the first credit union in the Washington metropolitan area to receive authorization to offer 7(a) loans.
"We've offered traditional commercial and business financing for years, but felt the SBA portion was necessary if we were to best serve the entire business community," said Frank Amantia, vice president of commercial and mortgage lending at MAFCU.
MAFCU business services program also includes online business banking, merchant card services and remote-deposit capture. The credit union serves more than 21,000 members.