By PBN Staff
PAWTUCKET – Pawtucket Credit Union can now approve up to $5 million in commercial loans, as well as SBA Express loans and revolving lines of credit, according to the U.S. Small Business Association.
Pawtucket Credit Union’s approval means more opportunity for the state’s small-business community to gain access that is vital to grow in this challenging economy, Mark S. Hayward, director of the SBA’s Rhode Island district office, said in a statement.
The SBA announced the approval on Oct. 26.
Under the SBA loan program, loan proceeds may be used to establish a new business or to assist in the acquisition, operation or expansion of an existing business. Other eligible uses include:
“This is just another step toward Pawtucket Credit Union’s commitment to helping small businesses in all of Rhode Island,” said Karl A. Kozak, Pawtucket Credit Union’s president and CEO.