GTE Financial is Bullish on Small Business Lending

TAMPA, Fla., Sept. 15, 2015 /PRNewswire/ -- GTE Financial, one of Florida's largest credit unions, wants to make even more small business loans as it observes its 80^th anniversary this year.

"Even though the business lending climate as a whole has improved, many small businesses are still ignored by larger financial institutions.  This can be especially damaging because small businesses rely on financial institutions for capital more than larger businesses," says Shamus McConomy, vice president of member business services at GTE Financial. "At GTE Financial, we understand the needs of smaller businesses and are targeting small businesses that are looking for loans up to $750,000."

A 2014 working paper from the Harvard Business School, "The State of Small Business Lending," stated that bank credit is a primary source of external financing for small businesses and key to helping them maintain cash flow, hire new employees and purchase inventory or equipment.  The paper goes on to say that small business lending, which had declined prior to the economic downturn, continues to fall, while large business lending is on the rise.

McConomy says that GTE Financial takes an individualized approach to underwriting.  "We listen to the prospective borrower's story so we can understand the business and its needs," he says.  "Our members are more than just a number to us and their needs can't be boiled down to ratios.  It's by getting to know them, their business and their needs that we can make the best decisions."

About GTE Financial:
GTE Financial is a not-for-profit financial cooperative with more than $1.7 billion in assets and 22 Community Financial Centers located throughout West Central Florida. Chartered in 1935, GTE Financial is now celebrating its 80^th anniversary.  GTE Financial is locally owned and operated in the Tampa Bay area, serving more than 234,000 individuals and businesses. More information on GTE Financial can be found at www.gtefinancial.org.

Media Contact:
Suzie Boland
RFB Communications Group
813-259-0345
[email protected]

SOURCE GTE Financial

Related Links

http://www.gtefinancial.org