With much fanfare, the $2 billion Affinity Federal Credit Union marked its first ever Small Business Administration loan-a $150,000 loan to a New Jersey technology firm.


At a press conference today, the credit union announced that it approved the loan for Cryogenic Processing Solutions. The SBA loan came by way of the recently enacted American Recovery and Reinvestment Act, which allows the agency to offer a 90% guarantee and eliminates several fees. The technology company's owners said they can now open a lab and hire up two more employees.


Affinity FCU President/CEO John Fenton said the Basking Ridge, N.J.-based credit union, which started offering business loans in 2006, has $60 million in commercial loans. Since the passage of ARRA, more than 260 SBA loans have been made in New Jersey, saving businesses $2 million in fees, said William Boone, assistant district director at the SBA's New Jersey office.

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