Lending

While the SBA expected a new program offering deferred payments and no fees to be in huge demand, only $4.6 million loans have been funded since the recovery effort was launched on June 15.

The prospect of big loan demand from state employees resulting from Illinois' current budget crisis has one credit union prepared with revised procedures "so we don't waste a lot of staff time with inactive accounts."

Beginning today, auto, recreational vehicle and other dealerships can apply for a revolving line of credit financed through the SBA's 7(a) loan program.

From collateral alternatives to questioning if there is a "magic formula" to determine loan approval, Phil Bryan, senior vice president of retail and lending at Metro Credit Union, shared his insights during a Twitter town hall this afternoon.

Even in credit-strapped times, the SBA, working with credit unions and other lenders, has approved more than $315 million in Patriot loans to more than 3,750 veterans and their spouses.

Columbia Credit Union is looking to help three lucky members out with their finances through its payment free promotion.