Thanks to financing from the National Institutes of Health Federal Credit Union, a Virginia biomedical research firm has been able to expand in several ways.
Histo-Scientific Research Laboratories Inc. has originated four loans with the $563 million credit union in Rockville, Md., to refinance two commercial properties, buy new equipment and grow the firm, according to NIHFCU.
Founded in 1999, the research lab provides histology, pathology and archive services to biotechnology firms, medical device and pharmaceutical companies, contract research organizations, government interests and university researchers.
“Of all the lenders I contacted, it was NIHFCU that truly recognized my track record and earned my business,” said Tom Galati, owner of Histo-Scientific, in a statement. “Until I spoke with NIHFCU, I felt like a supermodel that could not get a date.”
Juli Anne Callis, NIHFCU president/CEO, said the credit union recognizes how critical small businesses are to local and national economies.
Over the past few years, the credit union has continued to expand its business services program with an eye on courting its growing health care and biomedical membership.