Tech CU Makes Largest SBA Loan in Company History – $22.4 Million
Commercial Banking Group Continues to Grow as a Diversified Commercial Lender
SAN JOSE, CA–(Marketwired – March 17, 2016) –
Tech CU (Technology Credit Union) today announced that the credit union has funded its largest Small Business Administration (SBA) 504 loan to date. At $22.4 million dollars, the loan provided financing to assist a commercial tenant’s purchase of a 112,000 square-foot, multi-tenant office building located in Burlingame, California.
“This allows Tech CU to continue to grow and diversify its commercial loan portfolio,” said Joe Anzalone, EVP and Chief Banking Officer at Tech CU. “We started our commercial banking group less than five years ago and are focused on lending to both owners and developers of commercial real estate projects throughout the Bay Area and its adjacent counties. This marks another successful milestone.”
Tech CU is one of only a handful of credit unions to have built out a comprehensive business and commercial banking product offering. The credit union provides commercial real estate, multi-family, construction, SBA and asset-based loans — helping to address the banking needs of small to middle-sized companies and businesses.
To date, Tech CU has originated over $300 million in commercial loan commitments to more than 120 middle market businesses.
Tech CU also became the first credit union in the U.S. to offer asset-based lending. Tech CU now provides small- to mid-size businesses (manufacturers, distributors and service companies) revolving, asset-based credit facilities, ranging from $100,000 to $5 million to supplement working capital, refinance debt, and purchase equipment.
Tech CU’s commercial real estate loans are used for real estate acquisition and refinancing. For more information, visit https://www.techcu.com/business/ or contact Tech CU at (800) 448-1467. For more information on asset-based lending, visit: https://www.techcu.com/Business/Business-Loans-and-Lines/Tech-Capital-LLC/.
About Technology Credit Union.
Tech CU is a $2 billion credit union serving more than 75,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves a customer satisfaction rating above 95 percent and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.