Credit Union News

U.S. SENATOR JOHN CORNYN RECOGNIZES RBFCU AND SMALL BUSINESS PARTNERS

LIVE OAK, Texas – Sen. John Cornyn recently visited one of San Antonio's up-and-coming small businesses, the newly opened Bagel Factory on Highway 281 in San Antonio. Cornyn visited the Bagel Factory as part of his show of support for small business and small business lending.

During the recent difficult economic times, many financial institutions have ceased or greatly decreased their business lending efforts. The owners of the Bagel Factory, John and Suzanne Hermann, can certainly attest to the lack of loans available for aspiring entrepreneurs or developing small businesses. Former franchise owners from Atlanta, the Hermanns had the experience and expertise necessary to open a new business; all they lacked was the funding. The couple applied for financing with several local institutions but continued to be turned down for a business loan.

They chose not to become discouraged, though. When they learned about Randolph-Brooks Federal Credit Union, the Hermanns applied for a Patriot Express Loan based on John Hermann's military service. RBFCU was able to provide the financing needed for the couple to make their dream a reality.

"We feel fortunate to work with RBFCU not only because of their excellent service, but because the credit union really had faith in us and what we were doing," Suzanne Hermann said. "When several banks weren't interested in us, RBFCU extended the financing we needed to make our family business a success."

During the visit with Sen. Cornyn, other small businesses funded by RBFCU loans were recognized, including Wave Healthcare, which produces pediatric respiratory equipment, and BTL Technologies, a medical staffing company.

While small businesses may find it challenging to find financing during this recession, those who are able to work with credit unions like RBFCU are finding their path to financing and success has become much easier. "We're continuing to do our part in the economic recovery by fueling business growth in South Central Texas," said Mark Sekula, senior vice president of business services for RBFCU. "We've helped more than 400 local businesses create and maintain 1,200 jobs in our area, and we're continuing to lend to aspiring business owners in the communities we serve."