SAN JOSE, CA — Tech CU (Technology Credit Union) announced that the credit union has funded its largest Small Business Administration (SBA) 504 loan to date. At $22.4 million dollars, the loan provided financing to assist a commercial tenant’s purchase of a 112,000 square-foot, multi-tenant office building located in Burlingame, California.
“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.”
Tech CU is one of only a handful of credit unions to have built out a comprehensive business and commercial banking product offering. The credit union provides commercial real estate, multi-family, construction, SBA and asset-based loans — helping to address the banking needs of small to middle-sized companies and businesses.
To date, Tech CU has originated over $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.
Tech CU’s commercial real estate loans are used for real estate acquisition and refinancing.