VENTURA, Calif. — Ventura County Credit Union announced that it has been named a "preferred lender" by the U.S. Small Business Administration (SBA).
The $725 million CU said the new preferred lender status is the highest level of autonomy that the SBA affords lenders, providing VCCU with "greater authority regarding lending decisions, allowing it to provide faster loan-processing" for business owners in Ventura and Santa Barbara Counties in southern California.
VCCU also said that the PLP will provide the credit union with an "upgraded status" in SBA's Certified Lenders Program (CLP), which comprises financial lenders with a "proven track record" of following SBA procedures.
"Being recognized as a preferred lender by SBA is an exciting development for VCCU because it not only speaks to our credibility and expertise as a financial institution, but it allows us to provide better service," said VCCU's director of business services, Edmond Sahakian, in a statement. "We are now able to offer a more efficient, higher quality lending process for our local business community."
According to VCCU's Call Report, for the period ended March 31, 2015, the credit union had about $491-million in total loans and leases outstanding, up from about $456-million as of year-end 2014.
