The $400 million Mazuma Credit Union recently approved its first SBA Patriot Express loan for one of its members to buy a Quizno's sandwich shop franchise in Kansas.
Woody Morris, proprietor of HW Foods LLC, was the recipient of the loan from Mazuma in Kansas City, Mo. Morris said he plans on expanding his business.
"I would like to open a second store by the end of 2011," Morris said. "I know Mazuma will help me find the right loan that allows me to continue to grow my business."
Rob Givens, president/CEO of Mazuma, said the loan is a milestone in the CU's business lending portfolio. Mazuma has been originating and servicing SBA Express loans since 2005.
"Our business resources team is very knowledgeable about what types of loans are available for our business members, and it takes the extra steps needed to make sure the business can secure the type of loan that fits best in the business member's philosophy," Givens said.
SBA Patriot Express loans up to $500,000 are available to military personnel and their spouses for startups, expansion and equipment purchases. Since the initiative launched in 2007, the agency said it has provided more than $560 million in loan guarantees to nearly 7,000 military veterans as of December 2010.
Morris served in the National Guard for 12 years, which enabled him to qualify for the loan, according to Mazuma.