RENO, Nev. (5/28/13)--The Small Business Administration granted approval to Great Basin FCU, Reno, Nev., to become one the agency's lenders.
The SBA approval allows the $125 million asset credit union to aid in the start-up or expansion of small businesses. Great Basin FCU is the first new SBA lender in Northern Nevada in more than nine years.
"Our community needs this now more than ever," said Jennifer Denoo, Great Basin FCU chief operations officer. "We believe we can fill a gap in our market to assist small businesses needing loans in the $50,000 to $500,000 range.
"We look forward to being more than just a lender," explained Denoo. "We are here to see the process through from beginning to end. We have always prided ourselves in helping educate our members and support them in reaching their goals. So while we may not be able to give them a loan the day they come in, we will always make the time to listen to their dream and connect them with the resources they need to achieve it."
The Small Business Lending Enhancement Act introduced by Sen. Mark Udall (D-Colo.) would increase credit unions' member business lending cap to 27.5% of assets, from the current 12.25% (News Now May 17). Doing so would generate $13 billion in new loans and create 140,000 jobs, the Credit Union National Association said.