HAGATNA, Guam — Community First Guam Federal Credit Union recently became the first credit union on this United States territory here to become a Small Business Administration lender.
The $48 million credit union, which is regulated by NCUA, can now offer SBA's 7(a) loans among others. The new offering will help CFGFCU connect more with many of its lifetime members, some of which have their own businesses, said Gerard Cruz, president/CEO.
Chartered in 1962 to initially serve the Navy, Marines, Coast Guard and civil service community, the credit union has nearly 7,500 members. In September 1997, the CFGFCU amended its charter to community status and now serves the island community of Guam.
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Guam is considered an organized unincorporated territory of the United States and the Chamorro people who live there are U.S. citizens. With about 140,000 residents and more than 7,000 military personnel and their family members, Guam is the most populated island in the geographical area known as Micronesia.
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