Nov. 1, 2011
-- Truliant Federal Credit Union was named a preferred lender by the U.S. Small Business Administration (SBA) and the Credit Union was recognized as a top small business lender in North Carolina with a Bronze award at the N.C. Bankers Association Lenders Conference on October 26. The SBA awards financial institutions preferred status in an effort to streamline the process of providing financial help to local small businesses.
For the most recent SBA fiscal year ending September 30, 2011, Truliant ranked 12th in loans approved and 13th in dollars approved out of 90 lenders that provided SBA financing in North Carolina. Truliant was the top performing credit union with a 44% increase in loans awarded and an increase of $6,839,500 in dollars loaned, compared to 2010. Truliant received preferred status based on their record with SBA and their demonstrated proficiency in processing and servicing SBA-guaranteed loans. Under this program, SBA delegates the final credit decision, servicing and liquidation authority to carefully selected lenders.
“It’s very exciting to partner with small business owners in the area not only to help them realize their dreams, but to create jobs and stimulate the local economy,” said Paul Willsey, Truliant’s VP of Business Services. “And being named a preferred lender by SBA will significantly shorten the loan processing time.”
As a small business lender, Truliant’s loan programs extend beyond standard financing by providing flexible terms to improve cash flow, hire employees and support working capital. The SBA sets the guidelines for loans, which are then made by Truliant.
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Truliant Federal Credit Union is a not-for-profit, financial institution that provides affordable financial services to its member-owners. Truliant was chartered in 1952 and now serves more than 180,000 members and has 22 Member Financial Centers in NC, SC, OH and VA. For more information on Truliant Federal Credit Union, visit TruliantFCU.org.