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Wright-Patt joins state business lending network
COLUMBUS, Ohio (5/4/11)--Fairborn, Ohio-based Wright-Patt CU has joined the Ohio Business Lending Clearinghouse (OBLC), a network that helps small businesses in the state to connect with loan opportunities and other tools needed to grow, prosper and create jobs. The clearinghouse is administered by the Ohio Department of Development's Office of Insurance and Financial Development. It is a public/private partnership and uses a free Web-based tool that helps businesses looking for a loan to enter its company information onto the site, which works to match it with a lender. The site contacts lenders with the loan and business profile details of the business and within 48 hours, lenders contact the small business to discuss the loan request. Businesses that aren't matched or that don't qualify for a loan are referred to a network of business development resources that can assist them. "Local banks and credit unions are just as important as larger institutions to small businesses as they search for funding," said James A. Leftwich, director of the Ohio Department of Development. "Increasing potential for small business loans is critical as we work to grow Ohio's economy," he added. "Wright-Patt CU recognizes the importance of small businesses helping drive economic success in our market," said Tim Mislansky, senior vice president at the credit union, adding that the OBLC is a convenient way to connect with more area businesses. "As a community-based lending institution, we understand the need to provide well-priced financing, and feel we have an obligation to help local businesses grow and prosper." Credit unions and the Credit Union National Association (CUNA) support legislation that would increase the cap to credit unions' member business lending to 27.5% of assets from 12.25%. CUNA has estimated that by increasing the cap, credit unions can help create 140,000 new jobs with $13 billion in new small business loans, at no expense to the taxpayer.


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