RALEIGH, N.C. -- To expand its outreach to government units across North Carolina, the $792 million Local Government Federal Credit Union has launched LGFCU Financial Partners LLC.
The CUSO will mark its debut by promoting the credit union's commercial lending division. Previously, the credit union said it was only capable of lending to a limited number of volunteer nonprofit organizations, such as volunteer fire departments. While those loans resulted in new fire trucks and gear for some departments the credit union said the CUSO will broaden LGFCU's ability to serve an even greater audience of local government.
"We have been so pleased to offer financing for volunteer fire and rescue operations over the past year," said LGFCU Financial Partners President Deborah Isenhour. "Building on that experience, we are excited about expanding our commercial lending program through the CUSO to include cities, counties and other local government entities."
LGFCU President Maurice Smith added that forming a CUSO was a natural fit for the credit union.
"The credit union has a mission of improving the lives of its members, but we wanted a way to extend that charge even further--into the communities in which they work, live and play," Smith said. "By forming a CUSO that works directly with local government units, we have the ways and means of doing this."
--msamaad@cutimes.com
