SBA Approves Stanford FCU as SBA Lender

PALO ALTO, Calif.-Another credit union has joined the ranks of Small Business Administration lender. Stanford Federal Credit Union announced last week that it was approved to provide SBA-backed loans to its membership. “With SBA, we’ve leveled the lending playing field,” SFCU President and CEO John R. Davis said in making the announcement. “Providing business loans backed by the Small Business Administration shows that we’re committed to the Stanford Community, and that we want their business. And we’re more than just competitive-our decision-making process is fast. Unlike the big banks, we understand that customers want an answer immediately. Our streamlined underwriting process lets us make decisions in days, not weeks.” SBA District Director Mark Quin said of the approval, “The beauty of working with credit unions is that they reach a whole different group of borrowers. By establishing a liaison with the SBA, Stanford Federal Credit Union will be able to offer greater benefits to their members.” The Palo Alto Chamber of Commerce, which has 800 member companies employing more than 40,000, has been a long-term partner of the credit union and is looking forward to educating local businesses about the credit union’s new SBA loan programs. “Many of our members who joined the credit union have been asking for business loans,” Sandra Lonnquist, president and CEO of the Palo Alto Chamber of Commerce, said. “Now that SFCU offers business loans, we will actively market SFCU’s SBA loans to our members.”