A Southeast Texas first: Gulf Employees CU signs agreement with SBA

<p>GROVES, Texas – Gulf Employees CU has become the first credit union in Southeast Texas to have an agreement with the Small Business Administration to make loans to small businesses. The $139-million GECU signed its Participation Agreement with the SBA on May 29, 2002. The agreement authorizes the credit union to promote and underwrite SBA loan products to the small business community. SBA Director Milton Wilson Jr. of the SBA Houston District said other credit unions have expressed similar interests as GECU in working with SBA to provide loan assistance for small businesses. “We are willing to meet and discuss such an arrangement,” he said. He added that anyone seeking information on the SBA loan guaranty program should contact Manuel Gonzalez, assistant district director for economic development at the SBA Houston District Office at (713) 773-6500, ext. 232. GECU has nearly 24,000 members. As a community credit union, it’s field-of-membership includes individuals who live or work in Jefferson, Orange and Hardin counties, as well as refinery employees and their families.</p>