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RALEIGH, N.C. — Despite cash-strapped coffers at many cities and counties, LGFCU Financial Partners LLC has been able to approve more than $9 million in loans in its first six months of operation, far exceeding its five-year projection of $2 million.

A subsidiary of Local Government Federal Credit Union, LGFCU Financial Partners, launched in April to offer commercial loans to North Carolina’s cities and counties. Since then, the CUSO has cemented a presence in 26 of the state’s 100 counties (see CU Times, May 21, 2008). More than 40 loans have been approved for everything from their largest loan of $1.7 million for four fire trucks to $18,000 for a used ambulance.

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