Ventura County Credit Union (VCCU), a not-for-profit financial institution, has been ranked as the top U.S. Small Business Administration (SBA) lender in Ventura County for the second year in a row.
According to the Los Angeles District Office SBA Lender Ranking Report, at the end of fiscal year 2018, a total of 2,337 SBA 7(a) loans were distributed among all lenders in the Ventura, Los Angeles and Santa Barbara counties, for a total value of $1.3 billion. VCCU was ranked 71st overall in SBA loan volume out of a total of 134 lenders. With more than $1 million in loans, VCCU was the highest-ranked SBA 7(a) loan provider based in Ventura County in terms of both volume and dollars. Additionally, VCCU finished as the second overall credit union in the Los Angeles District for number of SBA loans generated.
“It is an honor to once again be ranked as the highest SBA lender in Ventura County,” said Edmond Sahakian, VCCU’s vice president of business and home loan services. “This is an exciting development for VCCU because it not only speaks to our credibility and expertise as a financial institution, but also means our members and community are benefitting from our services. To date, we have generated more than $20 million in SBA loans, and we look forward to continuing to help the local small business community thrive.”
The SBA provides guarantees on loans that are made by select, approved financial institutions. VCCU is a preferred lender, and while many financial institutions work with 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 https://www.vccuonline.net or email SBAloans@vccuonline.net.