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SBA Approves Countryside Federal Credit Union As New 7(a) Lender

Release Date: 
Friday, October 19, 2012
Release Number: 
13-01
Advisory Date: 
Thursday, November 1, 2012
Contact: 
Rachael Stanton 315-471-9393 ext. 244

SYRACUSE, N.Y. – The U.S. Small Business Administration has given authority to Countryside  Federal Credit Union to provide financial assistance to small businesses under SBA’s 7(a) Loan Guaranty Program.

“It is encouraging to see a new point of access to our loan programs, and that is exactly what Countryside Federal will offer as a participating lender,” said SBA Syracuse District Director Bernard J. Paprocki.

At a signing ceremony at Countryside Federal Credit Union on October 23, SBA and CFCU officials agreed to work together in fostering economic development by promoting opportunities that result in increased small business creation and expansion.  Countryside Federal is the tenth credit union to become a 7(a) lender in the 34-county Syracuse District.

The 7(a) Loan Guaranty Program is the SBA’s primary business loan program. It provides long-term financing to acquire equipment and machinery, inventory, fixtures and accessories, and to make renovations, purchase land, build new buildings, purchase existing businesses, and for the repayment of certain debts.  For more information on SBA’s loan programs, please call the SBA district office at (315) 471-9393 or visit www.sba.gov/ny/syracuse.

 

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