FOR IMMEDIATE RELEASE
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SBA Loans from Technology Credit Union Give Local Businesses Access to Financing and More
The Silicon Valley credit union connects companies to its business banking ecosystem, a network of member companies and partners
San Jose, Calif. (May 2, 2011) — The Commercial and Business Banking Division at Technology Credit Union is on a mission: to help startups and emerging businesses grow and thrive in Silicon Valley and the greater Bay Area. As part of that mission, Tech CU has put together a range of lending options for businesses looking for financing, including SBA loans (Small Business Administration) from $10,000 to $5 million, and for those who need financing fast, Tech CU offers SBA Express Loans.
SBA loans are set up and guaranteed by the US government to help small businesses find the capital needed to operate and grow. The SBA does not loan the money directly, but provides a guarantee to the lender that a business will repay their loan as promised.
"These loans are a lifeline for many startups and emerging growth companies who find themselves in a Catch-22," said Herman White, Tech CU’s SVP of Commercial and Business Banking. "They need cash to accelerate growth, but because they are young or very small, they probably don't have the credit history that's required for securing a traditional loan — the SBA provides an alternative."
White says that Tech CU can also help connect its business banking members to other partners and funding sources, where appropriate, through its relationships with angel groups, incubators/accelerators, niche venture capital firms, strategic investors and other member companies.
“We see ourselves as an essential part of helping our member companies grow,” he explained. “Tech CU has been working with entrepreneurs and startups in this region for more than 50 years. That’s why we understand the needs of emerging companies more than most other financial institutions.”
Tech CU was one of the first credit unions in the country to offer business-banking services to its members. Launched in July 2006, its Business Banking suite includes business and checking accounts, commercial loans and lines of credit (including real estate loans), money market and certificate of deposit accounts, health savings accounts (HSAs), special purpose escrow accounts (SPEA), small business payroll services and merchant processing, and small business resources such as marketing services, web hosting and investments services. Tech CU also offers a comprehensive line of wealth management services for companies and individuals.
For more information on Tech CU’s Commercial and Business Banking, go to www.techcu.com/business.ABOUT TECHNOLOGY CREDIT UNIONFounded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Technology Credit Union has served the high tech workforce in Silicon Valley for 50 years. Today, Tech CU has extended its membership benefits to small businesses and individuals who live and work in the greater Bay Area. The credit union is recognized as one of the best-managed and strongest financial institutions in the country. Tech CU's 74,000 members have access to 60,000 surcharge-free ATMs nationwide, online and mobile banking, 9 full-service branches in the Bay Area, and comprehensive wealth management and small business services. To learn more, visit www.techcu.com.
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More than fifty years ago, forward-thinking high-tech employees at Fairchild Semiconductor knew there was a better way to bank.