SAN JOSE, Calif., June 18, 2019 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) today announced it has provided an SBA 7A loan to Lee’s Supermarket. The loan funded tenant improvement build out, equipment acquisition and working capital for start-up costs. Located at 2889 Senter Road in San Jose, California, the new store also features a Lee’s Sandwiches shop inside.
“At Tech CU, we are excited when we can support family run, community-oriented businesses,” said Joe Anzalone, EVP and Chief Commercial Banking Officer at Tech CU. “That’s exactly what this financing does. The owners own and operate other Lee’s Sandwiches locations within various communities. A full-service supermarket of this size was a new opportunity for them, and we are happy to be their lender on what will be a successful business venture supporting the local community and creating jobs.”
“We opened our first Lee’s Sandwiches in 2003,” said Alan and Jenny Truong, the principals of the new Lee’s Supermarket. “It has always been a dream of ours to open a supermarket such as this, and we are grateful to have found a partner in Tech CU to help us make this dream a reality. As with many construction projects and business startups, there were unforeseen circumstances to overcome, but the Tech CU team was there each step of the way to assist us in getting this project to the finish line.”
Tech CU is one of only a handful of credit unions with comprehensive business and commercial banking product offerings. The credit union provides commercial real estate, multi-family, construction, SBA and asset-based loans, through Tech Capital, LLC, its asset-based lending subsidiary — helping to address the banking needs of small to middle-sized companies and businesses.
For more information on Tech CU’s business loans, visit techcu.com/business/ or contact Tech CU at (800) 448-1467.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $2.8 billion, making it one of the 20 largest credit unions in California. It serves more than 110,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit organization, instead of maximizing profits to pay company stockholders, Tech CU invest its resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today Tech CU continues to be an industry leader, providing convenient and easy-to-use financial products for all stages of their members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2019, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 552 credit unions by S&P Global Market Intelligence for the second year in a row. To learn more, please visit: www.techcu.com.
Contact:
Linden Kohtz
Public Relations, Tech CU
lkohtz@techcu.com