For its lending efforts, the SBA has once again named Redstone Federal Credit Union Alabama's lender of the year.
The $2.8 billion credit union recently received first place awards for loan dollar volume and loan volume. The strong economy throughout the Tennessee Valley has afforded small businesses the opportunity to thrive, and more small business owners are coming to Redstone for their loans, according to Jack Wright, vice president business retail.
This is not the first time the CU has been recognized for its outreach to small businesses. Redstone was named SBA's top lender in Alabama in 2005, 2008 and 2009. Last year, it made 83 SBA loans totaling $6.2 million, Wright said.
"Small businesses are very important to the economy here in Huntsville and the Tennessee Valley, as well as the state of Alabama," Wright said. "With more people taking a new and exciting step toward small business ownership, there are a number of organizations in North Alabama that have positioned themselves to help develop small businesses and get them started, including Redstone Federal Credit Union."
The CU participates in all of the SBA loan programs, including SBA Express, Community Express, Patriot Express, Gulf Opportunity, 7(a) and 504 loans. The loans are available to businesses located in any Alabama city and within 25 miles of Redstone's branch in Fayetteville, Tenn.
Redstone is poised to set new records in 2010 as members continue to take advantage of the revised SBA lending guidelines set forth in the American Recovery Reinvestment Act of 2009, Wright said, adding that the changes that have been implemented as part of the Recovery Act have eliminated some of the barriers small businesses have faced in acquiring capital.