American Spirit FCU Makes Delawares First Loan Under Stimulus Bill
NEWARK, Del. – An immigrant couple from Kenya, the first Delaware recipients of a loan backed by last year’s stimulus bill, used a $250,000 loan from American Spirit FCU to open their own beauty supply shop.
The loan, which funded Queen Bee Beauty Supply, was backed by the U.S. Small Business Administration under the terms of the American Recovery and Reinvestment Act.
The act, passed in 2009, guarantees 90% of the money loaned by banks and credit unions and waives all loan fees.
The Kumanjas, Eustace and Gladys, turned to American Spirit after being denied loans by three commercial banks in Wilmington. The banks told the pair they didn't have sufficient capital or experience in the business to warrant a loan.
American Spirit is the first credit union in the state to be approved for the program, but four other credit unions are in the application process.