Five New England CUs Earn SBA 7(a) Lender Status

WOBURN, Mass. – Five of Octant Business Services, LLC’s credit union clients recently earned approval to offer SBA 7(a) loans. The five newly approved credit unions include Bridgewater CU, First Citizens’ FCU, Jeanne D’Arc CU, Rockland FCU, and Northeast CU. Previously, Digital FCU, also an Octant client, had been awarded the SBA designation. The designations were awarded at a Nov. 29 ceremony at the conclusion of Octant’s board meeting, which was held at the headquarters of EasCorp and attended by several credit union and SBA officials. Jim Roche, chief operating officer for Octant, said the SBA 7(a) option is the agency’s most flexible business-lending program. With this designation, each of the credit unions can now offer loans to help qualified small businesses obtain financing, especially those that might not be eligible through traditional lending channels. “Financing can be guaranteed for a number of general business purposes, such as working capital, furniture and equipment – even land and building. We’re pleased to see several of our participating credit unions receive this designation,” Roche said.