MANSFIELD, Texas--(BUSINESS WIRE)--Texas Trust Credit Union, one of the largest credit unions in North Texas, is making millions of dollars of small business loans available to organizations in its service area in a move to help small businesses that have been pinched in a tight credit environment.
Texas Trust announced its aggressive new lending program today, and said it is making tens of millions of dollars available in both conventional and SBA (Small Business Administration) loans. The credit union is focusing on loans of $3 million or less, particularly in the medical and healthcare sectors. Executive Director of Business Services Mark Joyce says that approach will extend the available pool of loan funds to a greater number of small businesses than if the credit union offered only a few large loans.
“We are open to any sound request for loan funds from small businesses,” Mr. Joyce said. “We encourage small businesses to talk with us. We know that since the recession began, credit has been a tremendous challenge for small businesses. The fact that these businesses haven’t been able to get loans has held them back. But now we are offering relief and the opportunity to grow.”
The Texas Trust Credit Union service area covers Dallas, Tarrant, and Henderson counties, along with parts of Ellis and Johnson counties. Although Texas Trust, like all credit unions, is a member-based organization, the small business loans can be made to companies that are not currently members. The company must be based in the Texas Trust service area or its owner must reside in that area.
When a business negotiates a loan with Texas Trust, the first option is a conventional loan. SBA loans are guaranteed by the federal government, typically for small businesses that can’t obtain other financing on reasonable terms. So an SBA loan will be a backup option in the loan process, Mr. Joyce said.
“Texas Trust Credit Union is able to offer these small business loans because we have come through the recession in a very strong position,” Mr. Joyce explained. “We aren’t in the tenuous position that so many banks are in today. That allows us to make funds available to the small business community, an area where banks have been so reluctant to invest.”
Mr. Joyce added, “We see these loans as an important way for Texas Trust to invest in the community we serve, encouraging job growth and economic activity. This will benefit not only our members, but everyone in and around the cities and communities of North Texas and East Texas.”
Small businesses in need of funds for working capital, accounts receivable, inventory, equipment, or real estate investment, can apply for a Texas Trust conventional or SBA loan online at www.NTXBusinessloans.com.
About Texas Trust Credit Union
Marking its 75th year in business in 2011, Texas Trust is one of the largest credit unions in North Texas and the 21st largest in Texas. It is a full-service financial institution offering checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Its business services include SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, online banking, insurance, and the Employee Solutions Network. With 58,000 members and assets of more than $680 million, Texas Trust operates in Dallas, Tarrant, and Henderson counties, as well as parts of Ellis and Johnson counties. Texas Trust branches are located in Mansfield, Grand Prairie, Arlington, Cedar Hill, and Athens. For more information, visit www.NTXBusinessloans.com, or www.TexasTrustCU.org.