To help credit unions looking to grow their business lendingprograms, Navy Federal Credit Union said it has launched a newcommercial participation loan program.

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Making its debut Monday, the C-PaL program will createpartnerships between the $49 billion Navy Federal and other creditunions nationwide. The partnering credit union would be theoriginator of the loan with Navy Federal being a purchaser of a significant portion of theloan, the Vienna, Va.-based cooperative said.

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For partnering credit unions, Navy Federal said the plus would be reducing the hit towardtheir loan cap while retaining the servicing commitment and the memberrelationship.

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“This is a timely and responsive move,” Jim Salmon, executivevice president of business services at Navy Federal, said in astatement. “We are ready to help credit unions who are nudgingclose to their commercial loan caps. By partnering with othercredit unions, we hope to bring some relief to an ever-increasingproblem.”

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Credit unions interested in C-PaL can contact Navy Federal.

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