NEWPORT NEWS, VA — Langley Federal Credit Union now offers Small Business Administration (SBA) loans to include both 7(a) and 504 program types.

The SBA provides guarantees to a financial institution in the event of a loan going in default, thus limiting the risk and total exposure of loss to a financial institution. Borrowers still have to meet certain eligibility and credit requirements in order to be approved.

"The ability to offer SBA loans opens new opportunities for the credit union," said President/CEO Jean Yokum. "We recently assisted a local software developer expand his business using an SBA loan. It's great to be able to help our members with small businesses."

Langley Federal Credit Union offers a wide variety of deposit and lending business solutions. Additional products include a variety of share & checking accounts, debit cards, credit cards, SBA loans, and more.