RALEIGH, N.C.–Truliant Credit Union is making a big push into SBA lending.
The credit union has added 15 people to its staff so far in 2024 to be part of its Small Business Administration lending team, according to Business North Carolina, bringing to 28 the number of business development officers it has in multiple markets across North Carolina and seven other states and Washington, D.C.
“Truliant’s new SBA effort includes a newly hired 11-employee team led by Ray Drew, who has a YouTube podcast show and a national following in the business,” Business North Carolina reported.
Drew previously worked at FundEx Solutions, an SBA lender owned by Fort Lauderdale, Fla.-based BHG Financial Group. “Ray is one of the top SBA lenders in the country. He brings new strategies and a carefully curated team of standout SBA professionals from across the U.S. to Truliant,” the credit union said in a statement.
Volume Projected to Double
According to the report, Truliant is projecting its volume of SBA loans to more than double from $46 million in 2023.
The $5.5-billion credit union will focus on loans in the $100,000 to $5 million range, which “meets a critical lending area for small business owners,” Don Jackson, vice president of SBA lending, said in a release statement.
The publication noted credit unions account for about 2.4% of the SBA’s $19 billion of 7(a) and 504 loans in the 2024 fiscal year, according to an SBA report.
‘A Buyer’s Market’
Jackson told Business North Carolina there are growth opportunities for Truliant in SBA-related acquisition deals because so many older owners are seeking to sell their businesses. About 11,000 Americans are turning 65 each day this year.
“It’s a buyers’ market. A lot of businesses will be bought from seniors over the next few years. Baby boomers want to unlock the value that they’ve built into their businesses and grow their legacies,” Jackson was quoted as saying. “We expect a lot of growth. We’re equipped to handle it with a full team and great backend processes to support it.”
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