ROCKVILLE, MD-The NIH Federal Credit Union set out this year with a new initiative: commercial lending--and with a focus on commercial real estate, specifically biomed and medical facilities. It is also offering equipment finance and small business loans as well. In total, Marianne Quinn, business loan manager at the credit union, tells me, they have $20 million allocated for loans in 2011.
So far, NIH has completed three transactions, Quinn says. With its charter “we will consider anyone in the medical or biomed industry in Maryland, DC, Virginia or West Virginia,” she continues. As part of its push into this area it is bringing on board a SVP of business lending, industry veteran Carol Wakefield, effective April 1.
The credit union decided now was a good time to expand into this area. “We saw a tightening in the credit market for businesses that still has yet to be alleviated,” Quinn notes. “But the economy and business is improving. So it seemed like an ideal time to start lending.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.