Queen Bee Beauty Supply was the recent recipient of the first SBA loan financed through a Delaware credit union, American Spirit Federal Credit Union.
The $250,000 SBA 7(a) loan provided the New Castle, Del.-based CU with a 90% SBA guarantee and saved the beauty supply business $5,940 through an elimination of loan fees under the American Recovery and Reinvestment Act, according to the SBA's Delaware District Office.
The SBA loan is the first loan approved by American Spirit since it became an SBA lender in 2009 and is the first financed through a Delaware CU, the agency said. For the last fiscal year, credit unions have financed 2,453 SBA loans for a total of $240.6 million.
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