Technology Credit Union (San Jose, CA) announced it has provided a $4.675 million USDA guaranteed business loan to Oceanic Enterprises, a private property management firm based in San Diego, California.
The loan helped Oceanic Enterprises purchase The Ascot Suites, a 32-room boutique hotel located in Morro Bay, California.
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Morro Bay is a 10,000 resident "city" on the California Central Coast. It maybe has three stoplights (one when I lived there in 1986). Property is very limited and expensive. There are four banks in the community and no credit unions. Maybe it was too small for BofA and Chase (two of the four) and maybe the non-local smaller banks in the city did not provide the service that Tech CU could. At the end of the day, it is a government-secured loan with little profit for anybody.
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