DEWITT, N.Y. – Countryside FCU has been approved by the U.S. Small Business Administration as a qualified lender for the SBA’s 7(a) loan guaranty program.
“We think it’s going to be a great aid to our business members,” Gerd Henjes, president of the $134 million credit union, said. “That’s one segment that I think has been kind of ignored by credit unions. The more we can do for small businesses, the better our country is going to be moving forward economically.”
The program has the SBA back long-term financing for firms that borrow to purchase equipment, machinery, inventory, fixtures, accessories, renovations, land, and existing businesses. Companies can also use 7(a) loans to finance new building and to repay some debts.