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BOULDER, Colo. – The Small Business Administration said Premier Members Federal Credit Union recently became the first credit union in the state to close on a 7(a) loan.

The $249 million credit union closed the $55,000 loan for the purchase of and startup operating costs for a small pet grooming business. “Since credit unions are not-for-profit, the question isn’t about whether or not we’ll make any money from the loan, but whether or not we are able to help our member,” said Greg Hill, PMFCU vice president of lending.

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