FOR IMMEDIATE RELEASE
Contact Information:Tawnya LancasterPublic RelationsPhone: firstname.lastname@example.org
The Bay Area financial institution plans for strong growth in business and commercial lending in 2012
San Jose, CA - (February 15, 2012) — Technology Credit Union announced today it has been named a "preferred lender" for Small Business Administration (SBA) guaranteed loans. With preferred lender status, Tech CU will document and process SBA loan requests on behalf of the SBA, streamlining the application process and reducing the time between a request and funding for a business. Tech CU's Business Banking division will handle the applications, processing and servicing for the SBA loans which range from $25,000 to $5 million.
"This designation bodes well for Tech CU because we're focused on growing our presence in the small-to-mid-sized business community," said Herman White, SVP of commercial and business banking. "As a preferred lender, we're able to be more efficient in helping those companies that are looking for financing to grow their business."
SBA loans help small businesses obtain financing for which they may not qualify through normal lending channels. Requirements for this type of loan are generally more flexible and can be offered to a wider range of businesses. Financing under the SBA program can be guaranteed for a variety of general business purposes, including working capital for opening, expanding or acquiring a business, for purchasing machinery equipment, furniture and fixtures, land and buildings, leasehold improvements, and debt refinancing (under special conditions). The maturity period for SBA loans is typically longer than traditional loans—up to 10 years for working capital and generally up to 25 years for fixed assets—which can help make monthly payments more affordable for the small business owner.
"Technology Credit Union ranked in the top 20 highest producing lenders of U. S. Small Business Administration (SBA) guaranteed loans to small businesses in the San Francisco district from October 1, 2010, through September 30, 2011," said SBA San Francisco District Director Mark Quinn. "We welcome Tech CU into the SBA family of Preferred Lenders, and we look forward to their continued success in helping companies in Northern California get the financial support they need to grow their business and create jobs."
To support the expected demand for SBA and other types of commercial loans, Tech CU has also hired Niki Wong to its Business Banking Group as the new VP of Commercial and Industrial (C&I) Loans. Ms. Wong will focus on expanding Tech CU's SBA, C&I, and commercial real estate business. Prior to coming to Tech CU, Ms. Wong worked as a senior SBA loan officer for several financial institutions in the Bay Area, including United American Bank, Bridge Bank, Greater Bancorp and Bank of Santa Clara.
In addition to commercial loans and lines of credit, Tech CU's Business Banking division also offers business checking accounts, business online banking, 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.
Businesses that are interested in applying for an SBA loan should contact Tech CU by going to www.techcu.com/business, calling 1-800-448-1467 or emailing email@example.com.
ABOUT TECHNOLOGY CREDIT UNIONwww.techcu.comFounded 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 has extended its membership benefits to small and medium-size businesses and individuals who live and work in the greater Bay Area. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU's 69,000 members have access to 60,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches in the Bay Area, and comprehensive wealth management and small business services.
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