N.C. Small Businesses Talk Up Truliant FCU’s Alliance
More than 200 companies have been able to retain or create nearly 500 jobs thanks to help from Truliant Federal Credit Union.
The $1.5 billion cooperative in Winston-Salem, N.C., said that assistance came through conventional and SBA loans.
One of the business owners helped was Michael Kelley, owner of Kelley Properties Inc., who utilized Truliant’s conventional lending program to assist him in developing commercial properties for businesses like Starbucks and Walgreens. He estimates that each property developed puts more than 100 people to work from engineers and architects to construction workers.
“Timing is critical in this business. Retailers can pick any market and immediacy is the key,” Kelley said. “Because the process at Truliant is very streamlined, I was able to secure land and the deal quickly, which puts people to work in our local community.”
Drew and Marlene Parker, owners of Separk Music, received an SBA loan from Truliant to move their location from downtown Winston-Salem to Lewisville, N.C.
“After dealing with banks all of my life, moving my business accounts and financing to Truliant has been a breath of fresh air,” said Drew Parker. “They are friends who take time to understand my business and its needs. I wish I had done it sooner.”
High Point Audiological, which has been serving several cities in North Carolina since 1984, turned to the credit union when it wanted to grow more.
“Truliant has helped us expand our business, specifically by enabling the purchase of trucks and equipment for mobile hearing testing,” said Terry Kiger of High Point Audiological. “Not only did this allow us to bolster our staff, we’re also able to better serve the community by going to them, including the Army National Guard. Truliant is the best partner for our business needs.”
Truliant said participating in the SBA’s loan programs has been instrumental in helping small businesses. At the end of the agency’s fiscal year on Sept. 30, the credit union said it ranked 12th in loans approved and 13th in dollars approved out of 90 lenders that provide SBA financing in North Carolina.
Truliant 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.
Paul Willsey, vice president of business services at Truliant, said the relationships the credit union has built with entrepreneurs have helped in more ways than one.
“It’s very exciting to partner with business owners in the area, not only to help them realize their dreams, but to create jobs and stimulate the local economy,” Willsey said.