SBA Recognizes Northeast Credit Union as an Emerging Lender
November 21, 2013
Portsmouth, NH – The New Hampshire SBA has recognized Northeast Credit Union as an Emerging Lender in SBA loans. The credit union was presented with the award by Greta Johansson, SBA’s NH District Director at the 2013 New Hampshire SBA Lender Awards Ceremony held today in Concord.
The Emerging Lender Award recognizes financial institutions that have worked with the SBA to increase loans provided to small business owners over the past year. In 2013, Northeast Credit Union saw a 300% growth in its SBA loan volume, increasing the amount of funds provided to small business owners by over $600,000. Doreen Austin, Commercial Lending Officer for Northeast Credit Union stated, “We’re proud to have supported the development and expansion of the businesses in our communities through SBA loans this past year. The range of SBA loans provided was vital for our members for business acquisition, refinance and restructure of debt, business expansion and real estate purchases.” When asked about the increased rate of approvals the credit union has seen this year Doreen Austin noted, “We are very careful to take the time to truly understand the unique needs of our business owners, and our solutions-based approach has made all the difference in the lending process. Our approval rate this calendar year has been outstanding and we are glad the SBA is part of our team. We look forward to continuing to bring essential business funding into the communities throughout the state.”
In fiscal year 2013, the New Hampshire SBA district office guaranteed a total of 481 loans totaling over $99 million through its two main loan programs, the 7(a) Loan Guaranty Program and the 504 Loan Program. Greta Johansson stated, “Despite a very competitive lending environment, our lending partners continued to work with us and use the full range of SBA products to meet lending needs ranging from $5,000 to several million, resulting in an increase in support to veteran owned businesses and exporters and a good distribution of loans throughout all 10 New Hampshire counties.”
About Northeast Credit Union
Northeast Credit Union (NECU) is a leading not-for-profit, cooperative financial services organization owned by its members. NECU offers an array of financial services, to include: competitive financing rates, checking and savings, retirement planning, online banking and bill pay, mortgages, home equity loans, and business services. NECU currently has over $900 million in assets and serves over 96,000 members at branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard, and Rochester. For more information about choosing the right financial product or service, please visit www.necu.org or call 1-888-436-1847. This credit union is federally insured by the National Credit Union Administration. Equal Housing Opportunity.