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Ventura County Credit Union recognized as a preferred SBA lender
Local credit union’s new status expedites loan process for small business community
VENTURA, CA (June 1, 2015) — Ventura County Credit Union (VCCU), a not-for-profit financial institution, has been granted Preferred Lenders Program (PLP) status by the U.S. Small Business Administration (SBA), an organization that makes final credit and eligibility decisions regarding small business loans.
PLP is the highest level of autonomy that the SBA affords lenders. The designation gives VCCU greater authority regarding lending decisions, allowing the credit union to provide faster loan processing for business owners in Ventura and Santa Barbara Counties. The PLP appointment has also provided VCCU with an upgraded status in SBA’s Certified Lenders Program (CLP), which consists of financial lenders with a proven track record of following SBA procedures.
To obtain PLP standing, VCCU had to demonstrate proficiency in processing and servicing loans and have a satisfactory performance history with SBA. 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.
“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. “We are now able to offer a more efficient, higher quality lending process for our local business community.”
A community-charter credit union, VCCU expects that the SBA lender accreditation will significantly advance its ability to issue loans to businesses within the region. To apply for a SBA-guaranteed loan with VCCU, business owners are to call 805-477-4000 or visit one of VCCU’s seven branch locations.
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. For more information about VCCU and its lending services, please visit vccuonline.net.
About Ventura County Credit Union
Ventura County Credit Union was chartered in 1950. It is the largest credit union headquartered in Ventura County, with seven offices, more than 65,000 members and $700 million in total assets. It offers a complete line of loans, federally insured savings, 24-hour electronic access services and more. For more information, please visit www.vccuonline.net or call 805-477-4000.