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CU System
Delawares first biz loan from a CU not a bank
NEWARK, Del. (7/20/10)--The very first small business loan in Delaware by way of the American Recovery and Reinvestment Act has been financed by a credit union. Gladys and Eustace Kamanja received a loan from American Spirit FCU, Newark, for a new business in Smyrna. The couple is taking over Excel Beauty Supply and is renaming the store "Queen Bee" (WDEL Talk Radio July 17). Gladys Kamanja had dreamed of owning a beauty supply, according to her husband Eustace. A certified public accountant, he had written a few business plans for others--but doing one for himself was challenging, said WDEL. American Spirit approved a $250,000 loan for their business. The loan is a “win-win” for both the Kamanjas and the credit union, according to Maurice Dawkins, president/CEO of American Spirit. He told WDEL that the credit union researched the business, talked to the owners, and decided that the business could be a “gold mine” because of the traffic in the area. The credit union anticipates the Kamanjas will be as successful as the previous owner, Dawkins added. The Credit Union National Association (CUNA) and credit unions are lobbying for an increase on credit unions’ member business lending caps--currently at 12.25%. An amendment introduced by Sen. Mark Udall (D-Colo.) to a budget stimulus bill would raise the caps to 27.5%. CUNA supports the amendment. American Spirit has $41 million in assets. To see the video, use the link.
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