North Island Financial CU Recognized for Pioneering Involvement in SBA 504 Program

CHULA VISTA, Calif. – North Island Financial Credit Union was recently honored by CDC Small Business Finance for becoming the first credit union in San Diego County to enter the Small Business Administration’s 504 loan program. Loans made under the program provide long-term fixed rate financing to small businesses for land, buildings, machinery, and equipment. SBA 504 loans are made in conjunction with a conventional loan from a bank or non-bank lender. In 2002, North Island worked with CDC to fund three SBA 504 projects for $2.5 million in financing. Jeff Stone, vp of commercial services for NIFCI said SBA 504 loans “is a good product for small business, and we are pleased to be able to offer it from our credit union.” Kurt Chilcott, president/CEO, CDC Small Business Finance said CDC appreciates “NIFCU’s willingness to step forward and work on behalf of community economic development by supporting area small businesses.” North Island has more than 125,000 members. With more than $1.1 million in assets, it ranks as the 12th largest CU in California and the 49th in the U.S.