Alabama Gov. on hand to Recognize Redstone FCU as First CU in State Approved for SBA Loans

MONTGOMERY, Ala.-Redstone Federal Credit Union officials met April 15 with Governor Bob Riley to celebrate the credit union’s acceptance as a Small Business Administration lender. Redstone became the first credit union in Alabama approved for SBA lending and was recently accepted into SBA’s Express program, which allows lenders to use their own documentation in exchange for a 50% guarantee. The $1.6 billion credit union is also the first financial institution in the state to offer SBA Express loans using business credit cards. Redstone has hired former Alabama SBA District Director Jack E. Wright as its assistant vice president of business lending to head up the program. Current Acting District Director Raymond W. Hembree was on hand for the meeting as well as other credit union officials. SBA Regional Administrator Nuby Fowler said, “We are pleased to welcome Redstone Federal Credit Union as an SBA lender. SBA is committed to helping Alabama expand its economy and create new jobs by assisting small businesses to start and grow. I know that Redstone will play a significant role in fulfilling that commitment.”