Small businesses, many of which face high costs and inaccessible service from other financial institutions, need the type of member-focused flexible services that credit unions specialize in offering. Small businesses are extremely dependent on branches, and they demand flexible and extended hours of operation as well as higher levels of responsiveness and support from branch staff. These are areas in which credit unions excel.
At large, impersonal financial institutions, long-distance decisions are often the norm. On the other hand, local financial institutions can be more responsive, but often can't offer a full range of business services. North Island Credit Union is working to bridge that gap.
First in San Diego with SBA Preferred Lender status
North Island Credit Union is now the first credit union in San Diego County to become a member of the Small Business Administration's (SBA) Preferred Lender Program (PLP). The designation streamlines the approval process for certain SBA loan requests, which results in a quicker turnaround time for loan approvals and funding for North Island Credit Union small business members.
"Preferred Lender status is the SBA's premier accreditation," said Jeff Stone, executive vice president of Business Services at North Island Credit Union. "This will allow North Island to offer our small business members the fastest and most professional loan services available in San Diego and Riverside counties."
North Island Credit Union is uniquely able to provide the widest range of business services to its members, including SBA 7(a) and 504 loans. As one of only two San Diego-based credit unions approved for SBA lending, North Island was the first San Diego-based credit union to book an SBA 7(a) and the first to originate a SBA 504 real estate loan in San Diego and Orange counties.
Helping people achieve their dreams
Offering the right services to small businesses is only part of the solution. In order to become the first choice for small businesses among financial institutions, North Island Credit Union offers accessibility and responsiveness. North Island Credit Union has also established an infrastructure to make business banking as easy and accessible as possible. Business facilities including merchant windows and drop boxes, and extended hours are available. Members have free, comprehensive and secure Internet access to accounts 24 hours a day in addition to phone banking benefits. In addition, The Island's ATMs are fee free.
About North Island Credit Union
A corporate and community leader in the San Diego region for more than 60 years, North Island Credit Union currently serves nearly 110,000 members from 17 branch locations throughout San Diego County. With $1.5 billion in assets, the credit union ranks as the 60th largest credit union in the nation and the 12th largest in California. North Island Credit Union offers diverse financial services for consumers in San Diego, Orange and Riverside counties, and also is a leader in small business services.
Call (800) 848-5654 for additional information or visit www.myisland.com.
Submitted by North Island Credit Union