The Bel Air, Md.-based Freedom Federal Credit Union said it has earmarked $50 million in SBA lending to help local small business owners gain access to much-needed capital.
The $222 million credit union said it has also streamlined its SBA application process to speed up fund approval and disbursement to established business owners who have been responsible in the management of their business and financial obligations. According to Freedom FCU CEO Rose Ann Lambert, the move is a part of a bigger, national effort to "help small businesses endure the recent economic conditions and get America back on its feet."
Freedom FCU has an alliance with CU Business Capital LLC. In April, the Miramar, Fla.-based business services and lending CUSO announced an initiative to expand its SBA lending capacity to those small businesses that will use the loans to create actual jobs and provide green products, services and alternative energy. At the time, the CUSO said it had $1 billion in combined SBA and commercial lending capacity.