The $2.5 billion Northwest Federal Credit Union is among the latest to receive approval to become an SBA lender.
The Herndon, Va.-based credit union said the new designation allows it to serve community businesses looking to expand, consumers in the market for start-up funding or Realtors with clients seeking commercial properties.
Northwest Federal said it has hired Tony Price as the credit union’s new SBA manager. Price’s commercial lending experience includes working at a local community bank, Capital One and Wachovia/Wells Fargo, where he spent 10 years, according to Northwest Federal.
Price said a common misconception is that SBA loans are complex or cumbersome.
“(And) they can be when you don’t have someone to help guide you and manage the process,” he explained in a statement. “Northwest Federal can help small businesses find the best loans for their needs, answer their questions and, in many cases, turn the loans around in seven to ten days. It doesn’t have to be complicated.”
Traditionally, larger, out-of-town financial institutions were the primary sources for business loans, Price said.
“Now, members can have their borrowing needs met by an institution that’s part of their own community,” he noted.
Northwest Federal made headlines earlier this year when it provided a business account to its youngest member ever, 14-year old Grayson Albers. With the help of his family, the entrepreneur launched GG’s Frozen Treats, a local shop that offers homemade sorbet and gelato.