SANTA ANA, Calif. – On March 27, a Nevada credit union with numerous California locations joined a pool of over 100 statewide bank and non-bank lenders that are certified to offer the Golden State’s long-standing Small Business Loan Guarantee program.
Credit Union 1, headquartered in Henderson, was approved for participation in the guarantee program by the Small Business Finance Center which operates under the California Infrastructure and Economic Development Bank, or IBank. The finance center administers the loan guarantee and other programs statewide through seven agencies including Small Business Development Corporation of Orange County. It’s stated mission is to “help more people achieve their economic potential,” an objective that is in line with the goals of the California loan guarantee program which aims to help small businesses in underserved and vulnerable communities obtain access to capital toward retaining and increasing jobs. The loan guarantees function as collateral for eligible businesses who need financing in order to sustain and expand operations.
“We are excited to welcome another lender to the family of organizations that have recognized the great value in the loan guarantee and are using it to help small businesses remain viable and to grow,” said Michael A. Ocasio, president and chief executive officer of Small Business Development Corporation of Orange County. “We hope Credit Union 1’s involvement in the Small Business Loan Guarantee program will encourage other lenders to consider the advantages and seek certification as well.”
