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CU System
PCUA reports first Loan Trader participants
HARRISBURG, Pa. (1/6/09)--Four member business loans totaling $411,643 were completed through the Pennsylvania Credit Union Association’s (PCUA) Credit Union Loan Trader, PCUA said Monday. The loans were listed by AmeriChoice FCU in Mechanicsburg, and were purchased by SPE FCU in State College. Secured by real estate, the loans ranged from 6.10% to 7.10% (Life is a Highway Jan. 5). SPE FCU noted the portal’s ease of use. “Once I requested access to the financial information, it was uploaded to the site and within hours I was able to view the details of the loans being offered,” said Mike Scott, small business lender, SPE FCU. PCUA said it is securing a trademark for the service. “We developed Credit Union Loan Trader to help credit unions better meet the needs of small businesses,” said PCUA President/CEO Jim McCormack. “Along with the new look, we plan to add enhancements to the site going forward.”
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