ROCKVILLE, Md. (8/6/12)--The National Institutes of Health FCU (NIHFCU), Rockville, Md., recently helped finance a member business loan (MBL) for a biomedical researcher and member of the Virginia Biomedical Association.
The National Institutes of Health FCU, Rockville, Md., recently helped finance a member business loan for Tom Galati, the owner of a biomedical research firm. (Photo provided by National Institutes of Health FCU)
Tom Galati used the financing to expand the research laboratory he founded in 1999. Histo-Scientific Research Laboratories Inc. provides histology, pathology and archive services to biotechnology firms, medical device and pharmaceutical companies, contract research organizations, government interests and university researchers.
"We recognize that small businesses are critical to our local and national economies," said Juli Anne Callis, NIHFCU president/CEO. "We are actively supporting the goals and aspirations of dedicated biomedical professionals, like Tom Galati, with our solutions that can help provide outstanding service to this cutting edge community."
Galati has originated four loans with the $563 million asset NIHFCU--two commercial property refinances and two others to help him expand his company and finance new equipment purchases.
"I am always looking for opportunities to diversify my services and showcase my ideas," said Galati. "Of all the lenders I contacted, it was NIHFCU that truly recognized my track record and earned my business. Until I spoke with NIHFCU, I felt like a supermodel that could not get a date."
The Credit Union National Association (CUNA) and credit unions have been urging the Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.