Redwood Credit Union Named SBA Preferred Lender

Redwood Credit Union (RCU) announced today that they have received Preferred Lender status from the US Small Business Administration (SBA) through its Preferred Lender Program (PLP). The Preferred Lender designation allows RCU to streamline the loan process and provide faster approvals and funding to local small businesses in the North Bay and San Francisco.

 “We are honored to be recognized as a Preferred Lender by the SBA,” said Michael Downey, Senior Vice President of Business Services for RCU. “Preferred Lender status will help us to expedite the funding process and better serve small businesses with the financing they need to grow, thrive and create jobs to strengthen our local economies.”

As an SBA Preferred Lender, RCU will have the authority of approval, closing, servicing, and liquidation of SBA loans. “As a Preferred Lender, we will be able to shave about two weeks off the loan process, which is a great benefit to our business Members who are anxious to receive funding so they can fulfill their plans to grow and improve their businesses,” said Downey.

 In 2008, RCU became the first credit union in the North Bay to introduce SBA lending, and has consistently ranked among the top local SBA lenders for the past 2 years.

Redwood Credit Union offers full-service banking to consumers and businesses in the North Bay and San Francisco, including checking and savings accounts, certificates, home and auto loans, credit cards, business services and more. Founded in 1950, RCU has 18 branch locations in Northern California, with membership open to anyone living or working in seven North Bay counties and San Francisco. RCU serves nearly 200,000 Members and has $1.9 billion in assets. RCU also offers insurance products through RCU Insurance Services, and auto purchasing through RCU Auto Services. For more information about Redwood Credit Union, please call (707) 545-4000, toll-free 1 (800) 479-7928 or visit www.redwoodcu.org.