Queen Bee Beauty Supply was the recent recipient of the first SBA loan financed through a Delaware credit union, American Spirit Federal Credit Union.
The $250,000 SBA 7(a) loan provided the New Castle, Del.-based CU with a 90% SBA guarantee and saved the beauty supply business $5,940 through an elimination of loan fees under the American Recovery and Reinvestment Act, according to the SBA's Delaware District Office.
The SBA loan is the first loan approved by American Spirit since it became an SBA lender in 2009 and is the first financed through a Delaware CU, the agency said. For the last fiscal year, credit unions have financed 2,453 SBA loans for a total of $240.6 million.
Eustace Kamanja, co-owner of Queen Bee Beauty Supply, said the loan has "helped changed our lives for the better." Through its partnership with the SBA, American Spirit aims to help even more businesses, according to Maurice Dawkins, CEO of the $47 million CU.
"Credit unions will play an important role in SBA and small business lending in the near future and this loan represents the industry's strong support of start-up small businesses," said Jayne Armstrong, district director of the SBA's Delaware district office.