NOTRE DAME, Ind. — Notre Dame Federal Credit Union has partnered with five regional credit unions to provide Relevant Radio of Green Bay, Wis., a $5.25 million Term Loan Facility.
Other participating credit unions are: $453 million Kellogg Community FCU, Battle Creek, Mich.; $439 million Diversified Members CU, Detroit; $23 million Mountain River CU, Salida, Colo.; $190 million CorePlus FCU, Norwich, Conn.; and, $153 million Ohio Catholic FCU, Cleveland.
Relevant Radio said it is using the loan to "strategically enhance" its financial position. The network was founded in the year 2000. The network currently has 38 stations in 18 states, with a potential listening audience of 48.6 million people.
Judd McNally, $476 million Notre Dame FCU's chief lending officer, said the credit union was pleased to demonstrate its ability to bring participants together to support Relevant Radio.
"It serves a vital role in enhancing the spiritual lives of its listeners and Notre Dame FCU could not be happier to help it advance its mission," McNally said in a statement.
Relevant Radio Executive Director Rev. Francis J. Hoffman, JCD said, "We are very pleased with our new relationship with Notre Dame FCU. From the start the professionals at Notre Dame FCU were eager to understand not only our mission but also our business model. They displayed the rare ability to recognize that the value of an enterprise is the cash flow generated by the hard working people who work there, more than the book value of intangible assets."
According to Rev. Hoffman, the new credit facility "enables Relevant Radio to maintain a strong working capital position while allowing us to grow. At the same time, Notre Dame FCU's long-range view allows their consortium to realize a healthy return on their investment. We could not be happier with what we hope is a long term relationship of growth for both institutions."