Vienna, VA (PRWEB) July 02, 2012
Beginning July 1, Navy Federal Credit Union will launch its new program—dubbed C-PaL, Commercial Participation Loan Program—to lend both aid and funds to credit unions nationwide looking to continue to grow their business lending.
“We are ready to help credit unions who are nudging close to their commercial loan caps,” said Jim Salmon, executive vice president, Business Services. “By partnering with other credit unions, we hope to bring some relief to an ever-increasing problem.”
Navy Federal is pleased with the consistent increase in its own commercial lending numbers, and has the capacity to partner with other credit unions in participation loans. In doing this, the partnering credit union would be the originator of the loan; Navy Federal would be the purchaser of a significant portion of the loan. The plus for the partnering credit union is reducing the hit toward its loan cap while retaining the servicing commitment and the member relationship.
“This is a timely and responsive move,” said Salmon. “We’re here to help other credit unions continue to serve their members in their business ventures.”
To inquire about obtaining a C-PaL with Navy Federal Credit Union, email Business Services: c-pal(at)navyfederal(dot)org.
About Navy Federal Credit Union
Navy Federal Credit Union is the world’s largest credit union with $49 billion in assets, four million members, 221 branches and more than 8,900 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information about Navy Federal, visit navyfederal.org.
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