BOULDER, Colo. – The Small Business Administration said Premier Members Federal Credit Union recently became the first credit union in the state to close on a 7(a) loan.
The $249 million credit union closed the $55,000 loan for the purchase of and startup operating costs for a small pet grooming business. "Since credit unions are not-for-profit, the question isn't about whether or not we'll make any money from the loan, but whether or not we are able to help our member," said Greg Hill, PMFCU vice president of lending.
The credit union said it already has several other SBA loans being processed through its CUSO, Premier Members and Centennial Lending, LLC. PMFCU is not new to the business lending arena. It has been originating and closing loans since 1996, according to the credit union. Steve Muhlauser, assistant district director of economic development for SBA's Colorado office, verified that PMFCU is the first Colorado CU to close on an SBA 7(a) loan, said Karen Myers, PMFCU spokeswoman.
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"SBA loans are a good match for credit unions because we were founded under the guiding principal of `people helping people,'" Hill said. "That's why we're really excited about being able to start offering them."
PMFCU serves more than 26,000 members.
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