Technology Credit Union (San Jose, CA) announced on March 17 that the credit union has funded its largest Small Business Administration (SBA) 504 loan to date at $22.4 million.
The loan provided financing to assist a commercial tenant’s purchase of a 112,000 square-foot, multi-tenant office building located in Burlingame, California.
According to the press release, the $2 billion credit union has originated over $300 million in commercial loan commitments to more than 120 middle market businesses.
Read the press release.
This cu is well managed and capable.
ReplyDeleteThey could do a lot more small business lending, but are restricted due to the regulatory cap.
They saw this coming and tried to convert charter and exchange the tax exemption for more business loans and access to capital.
But, NCUA and others hijacked the charter vote by making it easy for interlopers to obstruct and distribute false and misleading information to members.
Probably California league, CUNA and some cu vendors.
Now, the cu will have to deal with the cap.
Stupid and unnecessary..
Self interest gets in the way of free commerce.
Congress, the cu trade groups BFF.
Until they're not.
Good point!
DeleteI remember the interlopers saying the credit union was not near the cap so the charter change was just greed.
Liars for self interest.
So Dykstra can keep going to member financed trips around the world on "credit union" business.
But wait, credit union members don't own their credit union, so how could they have prevented the charter conversion? LOL, your hypocrisy is laughable.
DeleteOwn?
DeleteDefine own in this case.