Credit union recognized for its minority lending

The Westerly Community Credit Union’s business lending department has won the “Most Improved Minority Lender” award from the U.S. Small Business Administration.
In 2006, the credit union made 28 loans with SBA guarantees, but none went to borrowers who were women, minorities or rural. So far this year, the credit union has made 25 SBA loans, and five have been identified as serving the underserved market. The credit union is currently ranked eighth in Rhode Island for SBA lending.
Westerly Community Credit Union was recognized next to three of the largest financial institutions in the country for the Rhode Island SBA award. Mike Lynch, vice president of lending at Westerly Community Credit Union, said “being recognized by the Small Business Association for our efforts in business lending is greatly appreciated.”
This year was the first year the SBA added a category to recognize the most improved lender in terms of percentage increase over last year’s lending arena. •