Bay Area-based credit union offers a team of specialists in SBA lending.
San Jose, CA (October 1, 2013) —Technology Credit Union (Tech CU) announced today it has expanded its SBA (Small Business Administration) loan program with the goal of helping more credit union members grow their businesses within Silicon Valley and the greater Bay Area. With SBA loans ranging from $25,000 to $5 million, the credit union hopes to serve many of the region’s businesses that are seeking financing, but may not qualify for traditional business loans. As a preferred SBA lender, Tech CU is also able to streamline the application process for a qualified applicant and reduce the time between a loan request and funding.
SBA loans are guaranteed by the U.S. government to assist a lender in approving a loan that might not otherwise be possible, which in turn helps small businesses find the financing needed to grow.
Tech CU’s SBA business development is led by Brian Evans, who recently joined the credit union as its vice president and SBA Business development officer. Evans has more than 20 years’ experience in commercial lending and is a specialist in SBA lending. Prior to joining Tech CU, he was a vice president at Capital Source Bank in charge of all SBA business development. He has also held SBA business development positions at Plaza Bank, Vineyard Bank and Bank of the West. At Tech CU, he’ll focus on SBA 504 and SBA 7a loans.
"SBA loans are a great resource for small businesses that need capital to expand but are having trouble qualifying for a regular business loan," said Evans. "The business may be less than two years old and not have the kind of credit history that's required for conventional financing. In these instances, SBA loans are a good option."
Niki Wong, senior vice president of commercial lending and program manager of SBA lending for Tech CU will focus on expanding Tech CU’s SBA, commercial and industrial, and commercial real estate lending business. Prior to coming to Tech CU, Wong worked as a senior SBA loan officer for several financial institutions in the Bay Area, including United American Bank, Bridge Bank, Greater Bay Bancorp and Bank of Santa Clara.
“Whether it’s financing for the purchase of machinery and equipment or for leasehold improvements and new construction, we help small businesses identify the best loan options available and then guide them through the process of applying,” said Wong.
In addition to SBA loans, Tech CU also offers fixed and variable rate loans up to $10 million for multifamily, commercial real estate and construction projects. Additionally, Tech CU offers business lines of credit and credit cards, as well as business checking and savings accounts. To date, Tech CU has approximately $150 million in business loans.
“We recognize that the needs of businesses in the Bay Area are as diverse as the dollar amounts they’re asking for,” said Joe Anzalone, chief banking officer for Tech CU. “We’ve pulled together an experienced team of people who understand how to make financing work for businesses on many different levels. Business banking isn’t something you just go out and do. To be successful, you really need specialists with the experience to assess a business’ strategic plan, understand the risks involved, and then customize a financing solution that works for their unique situation.”
Launched in 2006, Tech CU’s business banking products include business checking accounts, money market accounts, certificates of deposits, commercial loans and lines of credit, health savings accounts (HSAs), special purpose escrow accounts (SPEA), small business payroll services and merchant processing. Tech CU also offers a comprehensive line of wealth management and investment services for companies and individuals.
For more information, contact Tech CU at 800.448.1467 or visit www.techcu.com.
About Technology Credit Union
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU is one of largest credit unions in the country with over 70,000 individual and business members and more than $1.7 billion in assets. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU’s members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive mortgage, wealth management and business banking services.