The $315 million USC Credit Union is the latest to join the SBA's preferred lender program.
The designation allows the Los Angeles-based credit union to offer quicker loan approvals, closing, and servicing as well as liquidation authority. The SBA looks at production volume, members or customers' use of the agency's loans, a financial institution's handling of the loan documentation as well as its overall financial strength, according to the credit union.
USC CU launched its small business lending program more than a year ago.
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