Ventura County Credit Union finishes in top 50 SBA lenders in Los Angeles district
VCCU ranked 44th as SBA lender in Los Angeles, Ventura and Santa Barbara Counties
Ventura County Credit Union (VCCU), a not-for-profit financial institution, has been ranked as the largest U.S. Small Business Administration (SBA) lending credit union in Ventura County. VCCU finished 44th out of numerous lenders overall in Los Angeles and Santa Barbara Counties as well.
The SBA provides guarantees on loans that are made by select institutions that they have approved for the SBA’s lending programs. According to the Los Angeles District Office SBA Lender Ranking Report — in the fiscal end of 2017 — VCCU was ranked 44th overall in SBA volume out of a total of 132 lenders. A total of 2,948 SBA 7(a) loans were distributed among all lenders in the Los Angeles District for a total value of $1.4 billion.
With more than $3 million in loans, VCCU was also the highest lender of SBA 7a loans based in Ventura County in both volume and dollars. In comparison to fellow credit unions, VCCU finished second overall in the Los Angeles District in units to Kinecta FCU, but produced more dollars in loans.
“What a way to finish 2017,” said Edmond Sahakian, VCCU’s vice president of business and home loan services. “Although we are smaller in assets and distribution of offices than these larger credit unions, VCCU has been the catalyst for business growth in many communities, and we are on a successful path for 2018. VCCU’s SBA lending program continues to support the community and produces loans that are making a difference in the lives of our members.”
VCCU is a preferred lender, and while many financial institutions work with the SBA to provide loans backed by the organization’s guarantee, the duration of the loan approval process can be significantly lengthier for non-preferred lenders. Approved financial institutions are given jurisdiction over final credit decisions and most loan servicing and liquidation responsibilities, enabling them to provide SBA-guaranteed loans with less oversight from the organization.
A community-chartered credit union, VCCU issues loans to businesses within the region. To apply for an SBA-guaranteed loan with VCCU, business owners should call 805-477-4000 or visit one of VCCU’s eight branch locations. For more information about VCCU and its lending services, please visit http://www.vccuonline.net or email us at [email protected].
ABOUT VENTURA COUNTY CREDIT UNION
Ventura County Credit Union was chartered in 1950. It is the largest credit union headquartered in Ventura County, with eight offices, more than 80,000 members and more than $800 million in total assets. VCCU offers a complete line of loans, federally insured savings, 24-hour electronic access services and more. Call 1-800-339-0496 or visit http://www.vccuonline.net for more information.
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