For companies that can prove a Small Business Administration loan will actually create jobs or produce green products and services, CU Business Capital LLC has opened up $45 million in lending capacity from the agency.
CUBC said its initial focus will be along the East coast, with plans to expand nationwide. As the initial $45 is used, the business services CUSO said it will evaluate demand and quality and, if warranted, release a second tranche. CUBC said it currently has a $1 billion combined commercial lending and SBA capacity.
So far, nine of CUBC's CUs have already dedicated funds to SBA lending, according to the CUSO. Priority for the loans will be given to those companies where the loan will create jobs, and the company has verifiable current and future demand for its products or services. Priority will also go to businesses that focus on green products, services and alternative energy.
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"There are many small businesses growing and showing promise during this transitional economic season, we believe that with the credit union philosophy of people helping people we can make a difference to these small businesses," said Bert Bryan, CEO of CUBC.
The Miramar, Fla.-based CUSO said it has SBA and commercial real estate lenders in Connecticut, New York, Pennsylvania, Maryland, Virginia, North Carolina and Florida.
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