VIENNA, Va. – Navy FCU announced this morning the introduction of a commercial loan participation program which will buy member business loans from other credit unions.
Navy Federal’s C-Pal will lend both aid and funds to credit unions nationwide looking to continue to grow their business lending.
“We are ready to help credit unions who are nudging close to their commercial loan caps,” said Jim Salmon, executive vice president, business services for the $49 billion credit union. “By partnering with other credit unions, we hope to bring some relief to an ever-increasing problem.”
“This is a timely and responsive move,” said Salmon. “We’re here to help other credit unions continue to serve their members in their business ventures.”