The $2 billion Wright-Patt Credit Union is the latest to join an Ohio network that connects lenders and small business owners.
Through the Ohio Business Lending Clearinghouse, business loan prospects provide their desired loan amount, current financial status and other business details. Based on the criteria, the clearinghouse’s software will work to try to match the business with a credit union or bank participating in the network.
While OBLC can assist business with a wide range of loan amounts, the system is best suited for loans under $4 million, according to the clearinghouse. Financial institutions require collateral and a personal guaranty in most cases, unless the loan is secured by cash. Rates, payments and other conditions will depend on the financial institution and the loan purpose.
Wright-Patt sees the alliance with OBLC as another way to reach even more small businesses, said Tim Mislansky, senior vice president of the Fairborn, Ohio-based credit union.