REGIONAL federal credit union took a big step in helping small businesses around Northwest Indiana thrive by becoming a Small Business Administration (SBA) Lending Partner today; highlighted by a signing ceremony at their Hammond office.
REGIONAL began lending to businesses in 2013, but by partnering with the Small Business Administration they will be able to offer commercial loans of up to $5 million and increase their support of local businesses around The Region.
Jill Banning, President and CEO of REGIONAL, says the partnership was the next logical step in their commitment to helping small businesses around the area.
“We began with deposit accounts for businesses, and two years ago began offering loans to small businesses,” Banning said. “Now, with SBA backing, we can offer expanded lending resources to an even wider community of small businesses in the area.” Executive Vice President, Michael Peters, says the partnership will be a great opportunity to strengthen their commitment to community.
“What this partnership does is it allows us to give opportunities to businesses within the Hammond, Portage, and Valparaiso communities where our members are,” Peters told Ideas In Motion Media. “What we’re going to focus on are loans to help local businesses grow and expand. We’re very excited to expand our product line.”
And for the SBA, they are excited about the opportunity of partnering with a local business that wants to help support local businesses.
“I am looking forward to signing the authorization agreement to approve REGIONAL as an SBA lender,” said SBA District Director, Stacey Poynter. “Having them as a locally-based SBA lender will provide valuable resources to the small businesses communities they serve.”
And with the signing of the partnership today, local businesses can now feel good knowing that a company like REGIONAL has their back and is willing to support them in their mission to help build Northwest Indiana’s future.