The SBA and the North Carolina Bankers Association recently recognized Truliant Federal Credit Union for its small business lending efforts.
The $1.5 billion cooperative in Winston-Salem, N.C. said the SBA has added it to the agency’s Preferred Lenders program.
For the SBA’s fiscal year, which ended Sept. 30, Truliant said it ranked 12th in loans and 13th in dollars approved out of 90 lenders that provide SBA financing in North Carolina. The credit union said it was also the top performing credit union with a 44% increase in loans awarded and an increase of $6.8 million in dollars loaned, compared to 2010.
“It’s very exciting to partner with small business owners in the area not only to help them realize their dreams, but to create jobs and stimulate the local economy,” said Paul Willsey, Truliant’s vice president of business services. “And, being named a preferred lender by SBA will significantly shorten the loan processing time.”
Under the SBA’s preferred lenders program, financial institutions have the final credit decision, servicing and liquidation authority.