The SBA has approved the $210 million Louviers Federal Credit Union as one of the agency's lenders.
According to Mike Rossi, SBA's lender relations specialist, "Louviers demonstrated the ability to issue, service, and liquidate commercial loans based on all SBA requirements. We welcome them to the already strong pool of banks and credit unions in Delaware that finance the small business community."
The new designation will allow Louviers to develop its business lending services for members and the small business community at large, said James Everhart, president/CEO of the Newark, Del.-based credit union.
Nationally and in Delaware, credit unions are a growing part of the SBA lending network, said Jayne Armstrong, district director of the SBA Delaware office. For the previous fiscal year credit unions issued 2,453 loans for a total of $240 million dollars through SBA loan programs, she added.
"Credit unions will play an important role in SBA and small business lending in the near future. Louviers' approval represents the industry's strong support of start-up small businesses," said Armstrong.