RENO - Great Basin Federal Credit Union is now a U.S. Small Business Administration 7(a) lender and is the first new addition to the SBA Reno-Tahoe lender network in the past nine years.
As an SBA lender, GBFCU can participate in the SBA 7(a) lending program to expand its small business footprint throughout the region.
Creditworthy, for-profit entities that are GBFCU members are eligible and funds can be used for a wide range of purposes, including working capital, inventory, furniture and fixtures, machinery and equipment, business acquisition and debt refinancing.
David Leonard, SBA Reno branch manager, said, "We welcome Great Basin Federal Credit Union as an SBA 7(a) lender, and to the addition of this program to their member services."
By partnering with the SBA, lenders may be able to provide financing to credit-worthy borrowers who might not meet conventional underwriting criteria.
Small Business Administration loans offer multiple benefits to business owners, including larger loan amounts, longer loan terms, and lower equity requirements.
Every day, the U.S. Small Business Administration and its nationwide network of resource partners help millions of potential and existing small business owners start, grow and succeed.
Information about SBA lending programs can be found at http://www.sba.gov/loanprograms.
The Nevada SBA district has offices in Las Vegas and Reno. The Reno office is located at 300 Booth Street, Suite 3065, Reno. The contact number is (775) 827-4923.[[In-content Ad]]
