SAN ANTONIO — The Small Business Administration recently designated Security Service Federal Credit Union as the first credit union in its San Antonio district to receive Preferred Lender status.
The $3.9 billion SSFCU was the first San Antonio CU to become an SBA lender in 2003 and has issued more than $4 million in loans to area small businesses, according to SBA's San Antonio office. The CU was also designated a SBAExpress Lender in 2005. Obtaining that designation allows SSFCU to offer small businesses revolving lines of credit.
The Preferred Lender designation "allows us to help our members obtain SBA loans in a much more timely and efficient manner, assisting them to meet their business needs," said John Worthington, SSFCU senior vice president.
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Access to capital is a vital element in the development, growth, and success of businesses in the community, said Cindy Solano, lead lender relations specialist for the San Antonio SBA Office.
"Security Service Federal Credit Union is an advocate of the products and services of the SBA to aid and assist those small businesses," Solano said. "The recognition further solidifies the experience and commitment of SSFCU with the community."
The Preferred Lender program is another way that allows the SBA to "streamline" the procedures required to provide financial assistance to the small business community, the agency said. Under the program, SBA delegates loan approval, closing and most servicing and liquidation authority and responsibility to carefully selected lenders.
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