SAN JOSE, Calif.–Technology Credit Union said it has funded its largest Small Business Administration (SBA) 504 loan to date at $22.4 million.
The funds are being used to provide financing to assist a commercial tenant's purchase of a 112,000 square-foot, multi-tenant office building located in Burlingame, Calif.
"This allows Tech CU to continue to grow and diversify its commercial loan portfolio," said Joe Anzalone, EVP and chief banking officer at Tech CU. "We started our commercial banking group less than five years ago and are focused on lending to both owners and developers of commercial real estate projects throughout the Bay Area and its adjacent counties. This marks another successful milestone."
The $2-billion Tech CU provides commercial real estate, multi-family, construction, SBA and asset-based loans, and to date has originated more than $300 million in commercial loan commitments to more than 120 middle-market businesses.
Tech CU also became the first credit union in the U.S. to offer asset-based lending. Tech CU now provides small- to mid-size businesses (manufacturers, distributors and service companies) revolving, asset-based credit facilities, ranging from $100,000 to $5 million to supplement working capital, refinance debt, and purchase equipment.