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CU System
SBA designates Financial Resources FCU as Preferred Lender
BRIDGEWATER, N.J. (9/29/11)--The U.S. Small Business Administration (SBA) has designated Financial Resources FCU, Bridgewater, N.J., as a Preferred Lender. Preferred Lender status allows the $398.5 million asset credit union to provide quicker processing and loan approval to small business owners, which in turn allows the businesses to expand. That makes Financial Resources FCU an important partner in helping to create jobs and further economic development in the local economy, said the New Jersey Credit Union League (The Weekly Exchange Sept. 23). Financial Resources is one of five credit unions in New Jersey participating in the SBA lending program, and the only one to have achieved the Preferred Lender status. Nationwide, less than 20% of all approved SBA lenders achieve that designation, the league said. The Preferred Lenders Program (PLP) is part of SBA’s effort to streamline the procedures to provide financial assistance to the small-business community. Under the program, SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to selected PLP lenders. However, SBA continues to check loan eligibility criteria.


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