The $283 million Coast360 Federal Credit Union said it recently became the first financial institution to become an SBA Express lender on the U.S. territory of Guam.
Based in Maite, Guam, Coast360 said it can now expedite the turnaround time for reviewing loans for borrowers who apply on behalf of their small businesses.
The credit union is also offering Patriot Express loans, which offer an enhanced guarantee and interest rate on loans to small businesses owned by military veterans, reservists and their spouses.
Richard Northey, CEO of Coast360, said becoming an SBA Express and Patriot Express lender ties in with the credit union’s mission of providing quality products and services to members and Guam’s growing community.
“We are truly proud to offer these products to our hardworking small business owners and members of the military who make sacrifices for the benefit of our future,” Northey said.
Chartered in 1962, Coast360 serves more than 53,000 members.
In 2007, the $93 million Community First Guam Federal Credit Union in Hagatna, became the SBA’s first credit union lender in Guam, according to the agency.
Guam is an unincorporated territory of the U.S. located in the western Pacific Ocean and is the largest of the Mariana Islands. According to the 2010 U.S. Census, the latest data on record, Guam is home to nearly 160,000 residents including a large community of military personnel.