According to Credit Union Times, Herndon, VA-based Northwest Federal Credit Union ($2.6 billion assets) has acquired substantially all of the assets of an Arizona business finance group that specializes in originating government-guaranteed loans.
Park Place Equity LLC of Scottsdale AZ is a nationally-known company that has built a reputable enterprise through the origination of small business loans that are guaranteed under the SBA’s 7(a) and 504 lending programs, and through the U.S. Department of Agriculture’s Business and Industrial (B&I) loan program.
Going forward, Park Place will conduct business as Park Place Equity, a division of Northwest Federal, according to information released by both companies. Northwest Federal is going to be acquainted as a nationally known brand within a short time adding the Park Place and the company’s presented platform and it is significant and supplementary experience in this lending field said by Chris McDonald, president/CEO of the credit union.
Joining Northwest Federal, Park Place Equity co-CEOs Jason Bengert and Chris Balestrino were clearly pleased with the acquisition. Bengert said, “We are proud to have been able to accomplish this goal and to have grown Park Place to the point of providing nearly $123 million in funding to businesses in our most recent year of operations.”
Park Place Equity was launched seven years ago with goal to deliver business owners with capital funding to launch and build their businesses.
“We consider the additional leverage provided by government guaranteed loans to represent one of the most compelling options for credit unions to expand member business lending,” said Chris McDonald, president/CEO of the credit union.