For its efforts in supporting small businesses, the SBA has named UVA Community Credit Union the top credit union in its district for the third year in a row.
The $596 million credit union in Charlottesville, Va., received the honor for the SBA’s Richmond district for having the highest number of loans originated and closed in Virginia with the exception of the Washington, D.C., metropolitan area.
“Credit unions are a critical source for small business lending today,” said Jayne Armstrong, district director of SBA’s Richmond District office, in a statement. “UVA Community Credit Union is making a difference by expanding financing opportunities to its members interested in starting and growing their businesses.”
Michael Lyster, vice president of business services at UVA Community, recently accepted the honor on behalf of the credit union at the SBA’s annual Small Business Awards Luncheon.
The SBA loan program has become an essential component of the credit union’s business loan portfolio, Lyster said.
“It’s a way of making financing available to more businesses, while maintaining the credit union’s loan quality standards,” Lyster said.
Alison DeTuncq, president/CEO of UVA Community, said the credit union’s partnership with the SBA helps make capital available to small businesses in the area.
“Virginia’s economic recovery depends on the ability of small businesses to gain access to the capital they need to grow and prosper,” DeTuncq said.