CHANDLER, Ariz. – First Credit Union is celebrating the one-year milestone of its First Enterprise Loan Program.

During the inaugural year, more than $1.2 million of new loans were made for businesses, including nonprofit organizations embarking on new projects or activities that create jobs or service low-income targeted areas, the $470 million credit union said. Up to $2 million has been authorized for the program for 2006.

The First Enterprise Loan Program is designed to help support the growth of businesses that benefit or create jobs or services for low- and moderate-income people and communities in Arizona, according to the credit union. Key advantages of the FELP include lower interest rates and flexible terms for a wide variety of credit products, the credit union added. The program can also be used in conjunction with the Small Business Administration's 7(a) and 504 loan programs. "We researched many programs and came to the conclusion that a self-managed First Enterprise Loan Program would be the most responsive way to assist businesses with community lending that funds and supports economic development of low-income areas, social services projects, enterprise zones and more," said Fred Kent, CEO, First Credit Union.

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