Building on its suite of business services, Bay Winds Federal Credit Union said it has received approval to become an SBA lender.
The $162 million credit union in Charlevoix, Mich., said the new designation will allow it to continue expanding the commercial lending services it began offering in April.
“By adding SBA loans to our available services, we enhance our already extensive business offerings,” said David Leusink, president/CEO of Bay Winds FCU.
Proceeds from the SBA loans may be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business, the credit union said.
The loans also present opportunities to business owners who might not otherwise qualify for conventional lending, according to Bay Winds FCU.
The credit union serves nearly 26,000 members.