January 31, 2019 | news
Amplify Credit Union Achieves Preferred Lender Status by the U.S. Small Business Administration
AUSTIN, Texas – January 30, 2019 – Amplify Credit Union announced today that it is now a U.S. Small Business Administration (SBA) Preferred Lender, an accreditation that allows the company to streamline the origination of process for people looking to start and run a small business.
“A small business owner looking to secure a loan from a nonpreferred lender can take weeks, or maybe even months to get approved because they have to go through the SBA to get the final sign off. As an SBA Preferred Lender, Amplify has the final credit decision which means you get approval to start your business faster,” said Amplify Credit Union Chief Lending Officer Mike Koch. “Amplify started as a small operation in 1967 and over the past 50 years we have learned the importance of surrounding yourself with quality partners as a small business.”
While expedited approvals of SBA loans is one of the advantages of being an SBA Preferred Lender, the designation includes many other benefits as well including the ability to offer longer repayment terms as well as no prepayment penalties, with the exception of commercial real estate. Additionally, an SBA Preferred Lender can offer lenient down payment terms (as low as 10 percent) on starting a new business, buying an existing business, or even purchasing commercial real estate.
Another benefit of “Preferred Lender” status is we can now make SBA Veterans Initiative loans. This loan is similar to an Express loan, but is specific to business owners who are veterans, and waive guarantee fees on loans under $350k.
Amplify Credit Union is now the second-largest locally headquartered SBA Lender in the Austin-area and was recently featured in the Austin Business Journal’s Book of Lists for 2017-2018 in multiple categories (12th overall in SBA Lending).
Koch concluded, “The city of Austin has a strong economic back bone of small business support, especially as the city’s population grows. At Amplify Credit Union we want to ensure that we foster and nurture this growth in the right way.”
To learn more about Amplify Credit Union and its services dedicated to small business owners and prospects, visit www.goamplify.com.
About Amplify Credit Union
Established in 1967, Amplify Credit Union’s 200+ employees serve more than 55,000 members and steward almost one billion dollars in assets. Offering a full suite of services for mortgage lending, consumer banking, wealth management and commercial banking, among other services, Amplify Credit Union is committed to improving the lives of our members and the strength of our community. Join us at www.goamplify.com.