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.
"It really came a lot quicker than we anticipated," said Deborah Isenhour, president of LGFCU Financial Partners. "We forecasted we would have $1 million on the books in the first year and $2 million by the fifth year. Instead, to date, we have more than $9 million in loans on the books and expect that to grow to $20 million by the end of the year."
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