BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (11/18/15)--LEVERAGE, a subsidiary of the League of Southeastern Credit Unions (LSCU), is introducing a lending program that provides credit unions with access to Small Business Administration (SBA) financing.
The SBA is looking to support $36 billion in small business financing in 2016. One of the SBA’s strategic goals is to expand its programs and identify new lenders to support job creation for small businesses. The LEVERAGE Business Lending program creates the infrastructure for credit unions to offer SBA loans.
“When starting an SBA lending program, credit unions generally have to invest hundreds of thousands of dollars just to get it off the ground,” said Patrick La Pine, LEVERAGE CEO and LSCU president/CEO. “Small businesses have an unmet need right now when it comes to capital for their operations. Credit unions can fill this gap. LEVERAGE Business Lending does all the heavy lifting so credit unions can focus on their members and helping their small businesses thrive.”
LEVERAGE Business Lending assists credit unions to begin offering 7(a) loans and CDC 504 loans, plus it will supply all of the training and consulting so the credit union has very little upfront cost. LEVERAGE Business Lending helps credit unions increase their engagement with members and take another step in becoming their primary financial institution.
LEVERAGE is partnering with Capital Growth Solutions LLC, a Tennessee-based loan-service provider that works with the SBA.