The $3 billion Randolph-Brooks Federal Credit Union has been named the Small Business Administration's top 7(a) program lender in the small lending category.
The Live Oak, Texas-based credit union began offering SBA loans in 2006. In 2008, RBFCU made more than 200 SBA loans, according to the agency. While the SBA does not have a credit union lender of the year award, RBFCU will be the only credit union being honored at next week's National Small Business Week's recognition activities, said Carol Chastang, an SBA spokeswoman.
The SBA said it is recognizing financial institutions "for a combination of factors, most saliently financial assistance provided, whether in the form of loans, investments, surety bonds, and their continued commitment to and support for small business during a time of economic upheaval and credit shortages."
Kenan Pankau, business services lending manager at RBFCU, will be in Washington next week to accept the SBA award.
Compass Bank in Birmingham, Ala. has been named the SBA's top 7(a) program lender in the large lender category.
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