SAN JOSE, Calif.—The $1.9-billion Technology Credit Union said it is expanding its commercial loan products with the addition of asset-based lending, including accounts receivable and inventory financing.
Tech CU said it will provide small- and mid-size companies, including manufacturers, distributors and service companies, with revolving credit facilities from $100,000 to $5 million, to be used for debt refinancing and equipment purchases, as well as to supplement working capital.
The credit union said it has hired Jeff Johnson, former EVP and co-owner of BFI Business Finance, to join its commercial banking group as SVP and division manager of asset-based lending. Hank Noon, also formerly an account executive and analytics manager with BFI Business Finance, is joining the credit union’s the asset-based lending division as VP and credit manager.
Tech CU is believed to be the first credit union in the country to offer a loan program for such specialized financing.