CUNA CU first Wisconsin CU approved for SBA loan status

MADISON, Wis. – CUNA Credit Union is the first CU in the Madison, Wis.-area to be approved by the U.S. Small Business Administration to be an SBA lender. The status means CUNA CU can provide SBA-guaranteed loans to small businesses that might otherwise not be able to receive funds from other financials. For the past two years, CUNA CU's business development department has been providing loans to small businesses, those with only five or less employees. The CU has also made loans to real estate investors who own multi-housing units with two to 16 units. Sam Huntington, CUNA CU vice president of business development, said the SBA lender status means the credit union will be able to provide more loans to these types of businesses.