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Redstone FCU Celebrates First SBA Loan Closing

HUNTSVILLE, Ala. - Terry Wolde of Wolde Flooring, LLC made history last week when he became the first recipient of a U.S. Small Business Administration loan through Redstone Federal Credit Union. The $1.6 billion credit union celebrated the milestone on June 24, according to Jack Wright, assistant vice president, business...

By Staff Writer | Updated on July 06, 2004

HUNTSVILLE, Ala. – Terry Wolde of Wolde Flooring, LLC made history last week when he became the first recipient of a U.S. Small Business Administration loan through Redstone Federal Credit Union. The $1.6 billion credit union celebrated the milestone on June 24, according to Jack Wright, assistant vice president, business lending. A second SBA loan closing also took place that day and a third one was scheduled to close last week. In late 2003, Redstone FCU received approval to offer SBA loans throughout the state, Wright said. “The city was recently recognized as the best city in the nation for entrepreneurs,” Wright said, adding that with more people moving towards opening their own businesses, a number of local organizations including Redstone, have positioned themselves to aid fledgling entrepreneurs. Wright said Redstone FCU, which serves more than 248,000 members, is the first credit union in Alabama to offer SBA loans.

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