Teachers Credit Union has expanded its business loan offerings.
The South Bend-based lender announced it has partnered with the Small Business Administration, which designated the credit union as an SBA lender. The partnership provides TCU with a wider selection of commercial loans to offer to entrepreneurs and small business owners.
“We are thrilled to welcome TCU as an SBA lender,” said Stacey Poynter, Indiana SBA district manager. “With an SBA guarantee backing their business loan, entrepreneurs have greater opportunities to start, grow, and grow a small business and live their American Dream.”
As an SBA lender, TCU will increase its efficiency, creating better service for its members. A process that has traditionally taken weeks for each 7(a) loan will now be completed in a day or two, TCU said.
“We are very pleased to be able to expand our commercial portfolio by partnering with the SBA,” said Dick Sauerman, vice president of commercial lending at TCU. “As an SBA lender, TCU will be able to provide our members with more efficient and comprehensive service, which our organization is proud of.”
Teachers Credit Union has more than $4 billion in assets, 55 branches in Indiana and Southwest Michigan, and more than 306,000 members.