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Ent Federal Credit Union Latest to Offer SBA 7(a) Loans

COLORADO SPRINGS, Colo. - Ent Federal Credit Union joins the growing number of credit unions that have received a U.S. Small Business Administration license to offer 7(a) loans. SBA's 7(a) loans carry a maximum amount of $2 million and loans of $150,000 or less carry a maximum guarantee of 85%....

By Staff Writer | Updated on July 27, 2004

COLORADO SPRINGS, Colo. – Ent Federal Credit Union joins the growing number of credit unions that have received a U.S. Small Business Administration license to offer 7(a) loans. SBA’s 7(a) loans carry a maximum amount of $2 million and loans of $150,000 or less carry a maximum guarantee of 85%. For loans greater than $150,000, the maximum guarantee is 75%. The interest rates, which can be fixed or variable, are negotiated between the borrower and the lender but are subject to SBA maximums and are pegged to the Prime Rate. “The addition of the SBA 7(a) lending to the Ent Federal suite of services ensures that we can meet the expanding financial needs of our membership and the community,” said Charles Emmer, Ent Federal’s president/CEO. “We have a knowledgeable team of financial professionals to help small business owners identify and use the right services to achieve both their personal and professional goals.” Ent Federal serves 161,000 members and has $1.7 billion in assets.

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