After establishing a track record of processing and servicing SBA loans, Coast360 Federal Credit Union has been named Guam's first credit union SBA preferred lender, the agency said.
Under the SBA's Preferred Lender Program, the $308 million cooperative in Maite, Guam, can make the final credit decisions and can also take on most servicing and liquidation authorities and responsibilities, said Ken Lujan, SBA branch manager.
Coast360 FCU CEO Richard Northey said the new SBA preferred lender status will help the credit union further its reach within the small business community.
“As a credit union, our earnings are returned to our members in the form of dividends on deposits and lower rates and fees on loans. Together with the range of business solutions we offer, Coast360 is a more economical alternative for business financial needs,” Northey said.
The credit union serves more than 57,000 members.
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