For the $1.9 billion Redwood CU in Santa Rosa, Calif., a new designation gives it the authority to approve, close, service, and liquidate U.S. Small Business Administration loans.
“As a preferred lender, we will be able to shave about two weeks off the loan process, which is a great benefit to our business members who are anxious to receive funding so they can fulfill their plans to grow and improve their businesses,” said Michael Downey, senior vice president of business services at RCU.
In 2008, RCU said it became the first credit union in the North Bay to introduce SBA lending, and has consistently ranked among the top local SBA lenders for the past two years.
