Commercial loans from two credit unions will provide the financing for the construction of a new hotel development that will eventually employ hundreds of residents of Pensacola, Fla., according to one of the credit unions that made the loans.
Two credit unions, the 103,000 member Pen Air Federal Credit Union, headquartered in Pensacola and the 3.7 million member Navy Federal Credit Union, headquartered in Vienna, Va., are the credit unions the made the loans. Each has a significant link to the military and Pensacola has a long relationship with different branches of the military services.
The two credit unions will lend $13 million of the project's expected cost of roughly $17 million. The project will bring between 350 and more than 1,000 jobs, both directly and indirectly, to the community, they said.
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