For its SBA lending efforts, Financial Resources Federal Credit Union was recently named the agency’s Breakthrough Lender in New Jersey for 2011.
The $400 million credit union in Bridgewater, N.J., netted 13 SBA loans totaling $1.5 million, making it the most active new SBA lender in the state this year, according to Financial Resources. It participates in the agency’s 7(a) and Patriot Express loan programs.
“We are very excited about this. We were able to meet member needs with these SBA loans. It’s good for the economy and for us, it is the start of what we expect to be long-term success in business lending,” said Lena Matthews, CEO of Financial Resources.
Mark Sovelove, senior vice president of lending, said the credit union has been active in business lending beyond SBA loans. Earlier this year, it approved a $2 million solar loan, he noted.
“Our SBA success this year has been a true team effort,” Sovelove said.
Financial Resources said it is the first lender to receive the Breakout Lender award in New Jersey. The SBA’s New Jersey district office held its lender awards ceremony Nov. 8. According to the credit union, it competed for the award against several banks.