Securityplus Federal Credit Union Announces Strategic Commitment to Local Small Businesses with New SBA Lending Designation
In a major development for local businesses, Securityplus Federal Credit Union announced its approval as a Small Business Administration (SBA) lender. This significant milestone enables Securityplus to offer SBA loans to small businesses, empowering and enabling local businesses to achieve their goals while contributing to the economic development of its communities.
As an SBA approved lender, Securityplus can now offer enhanced lending options, including the popular SBA 7(a) loan program. This program is specifically designed to help small businesses, both new and established, obtain the funds necessary for growth or to meet operational expenses. Business owners can use SBA 7(a) funding for a variety of general business purposes including working capital, debt refinancing and purchasing of equipment, machinery, furniture, fixtures, supplies, or materials.
"We made a strategic commitment to the financial health and empowerment of the communities we serve as part of our clear vision for the future and our 2023-2027 strategic roadmap. This includes investing in inclusive opportunities for Greater Baltimore businesses and employers as key contributors to the financial health of the local community and economy. Our commitment to partnering with local small businesses and nurturing the economic viability of the communities we serve by launching our SBA lending program is a significant step forward in realizing our vision toward a financially healthy Baltimore. We can now directly have a positive impact on the success and expansion of local businesses and the many individuals and families they serve," said Tricia Szurgot, Chief Executive Officer of Securityplus Federal Credit Union.
The inclusion of SBA-backed loans in Securityplus' financial products increases the accessibility of funding for small businesses in the community. By providing more flexible terms than traditional loans, SBA loans from Securityplus are tailored to meet the unique needs of small business owners, fostering growth and sustainability. "We are headquartered in, live in, and understand the challenges and opportunities for Greater Baltimore Area small businesses. We are uniquely positioned as a strong strategic partner for local small businesses and are committed to providing the resources they need to grow, thrive, and make a positive difference for their business, customers, and the communities they serve," added Toby Green, Senior Vice President of Lending for Securityplus. "Our team is ready to guide members through the SBA loan process, offering support and financial expertise every step of the way."