Technology Credit Union said it has expanded its SBA loan program with the goal of helping more members grow their businesses within Silicon Valley and the greater Bay Area in California.
With SBA loans ranging from $25,000 to $5 million, the $1.7 billion credit union in San Jose, Calif., said it hopes to serve many of the region's businesses that are seeking financing but may not qualify for traditional business loans.
As a preferred SBA lender, Tech CU said it is also able to streamline the application process for a qualified applicant and reduce the time between a loan request and funding.
"SBA loans are a great resource for small businesses that need capital to expand but are having trouble qualifying for a regular business loan," said Brian Evans, vice president and SBA business development officer at Tech CU who will focus on SBA 504 and SBA 7a loans.
The business may be less than two years old and not have the kind of credit history that's required for conventional financing, Evans said, adding, in these instances, SBA loans are a good option.
Niki Wong, senior vice president of commercial lending and program manager of SBA lending for Tech CU, will focus on expanding the credit union’s SBA, commercial/industrial and commercial real estate lending business.
"We recognize that the needs of businesses in the Bay Area are as diverse as the dollar amounts they're asking for," said Joe Anzalone, chief banking officer for Tech CU. "We've pulled together an experienced team of people who understand how to make financing work for businesses on many different levels.”
Tech CU said it launched its suite of business banking products in 2006.