Small Business Administration Welcomes VSECU as Participating Lender

802/800 371-5162

Small Business Administration Welcomes VSECU as Participating Lender

FOR IMMEDIATE RELEASE: December 14, 2007

For further information, contact:
Chuck Karparis, Retail Officer
ckarparis@vsecu.com or 802/800 371-5162, ext. 5193

VSECU has recently become the state’s largest credit union and only the second in Vermont to join forces with the U.S. Small Business Administration (SBA) to help small business owners obtain loans to start and grow their companies.

VSECU has been offering small business loans to its members since 2006 when it launched VBiz, cooperative financial services for small businesses and nonprofits. As a new SBA participating lender, VBiz will be able to give more Vermonters the opportunity to develop and operate their own businesses, according to Chuck Karparis, VSECU’s retail officer.

“The guaranty of the SBA behind us helps to mitigate the risk involved in small business lending,” Karparis said, “which will enable us to make loans that we otherwise would not be able to provide to our members.”

“This is an exciting opportunity for VSECU and VBiz,” said Steven D. Post, VSECU’s chief executive officer. “Our mission as a credit union is to help our members achieve their financial goals. If the goal includes owning a small business, we now are better able to help with the backing of the SBA. In addition, we look forward to working with the SBA to help develop small business ownership in our communities, thus building stronger communities throughout Vermont.”

“We welcome VSECU’s participation in SBA’s various loan programs,” said Bernie Villemaire, Business Development Specialist at the SBA’s Montpelier District Office. “We look forward to a long and fulfilling partnership that will benefit Vermont’s small business owners and entrepreneurs.”

An agency of the U.S. government, the SBA has been financing small businesses since 1958. Because starting a small business can be a high-risk venture, the SBA also seeks to advise and encourage small business owners to grow and succeed through its many educational and counseling programs. To learn more, visit the SBA’s web site at www.sba.gov or call (802) 828-4422.

VSECU is a not-for-profit financial cooperative providing affordable financial products and services to Vermonters around the state. For more information on VSECU and how to join the credit union, visit www.vsecu.com or call 802/800 371-5162.