AUSTIN, Texas – University Federal Credit Union is among the latest to add the SBA's 7(a) loans to its product lineup. The $641 million credit union said it is the first in central Texas to offer the loans. Chartered in 1936, University FCU serves more than 102,000 members and is Austin's largest locally-owned financial institution, according to the credit union. SBA Administrator Hector Barreto recently told Credit Union Times that while pleased with the growing number of credit unions that are offering SBA loans, he will continue on with his mission of getting more to sign on. At a March 22 session hosted by WesCorp and the California Credit Union League, Barreto encouraged the more than 600 credit unions on the West Coast to expand their offerings to include SBA loans. At last count, more than 200 credit unions were offering the SBA's 7(a) loans.
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