Wendy Teng Shares Her SBA Loan Experience
As a former employee of the National Institutes of Health for over 20 years, Wendy Teng had an existing business line of credit with NIHFCU. Despite the existing relationship, she did the majority of her personal and business banking with a larger institution. Learn more about how her experience with NIHFCU Business Lending inspired her to transfer her business accounts to NIH Federal Credit Union.
NIHFCU Cares About Small Businesses
When Wendy Teng, CEO of an IT Solutions business in Maryland, started her small business in 2009, she decided to do her business banking with the same bank that managed her personal finances. Without much need for face to face interaction, she conducted the majority of her banking through digital banking. But when her small business needed more direct assistance on an SBA Loan, her legacy business bank couldn’t deliver.
“Their website was bogged down. There were technical difficulties and I spent hours on the phone waiting on customer service to provide an answer”
In need of an SBA loan, Wendy tried to submit an SBA loan application through her bank’s online application. Despite completing the rigorous process of collecting documentation and filling out forms, technical difficulties prevented her application from going through. When she called to speak with a live person for help, “she spent hours on the phone with customer service” getting passed from department to department. When she finally submitted her application, she waited weeks for an approval, with no updates. Frustrated, she turned to NIHFCU Business Lending.
“I applied at NIHFCU, was approved and received funding within the same day”
When Wendy emailed NIHFCU, she didn’t just receive a response. She received a phone call from a live business lending specialist who walked her through the process and offered time saving tips.
“The personalization was amazing”
The SBA loan specialist asked personalized questions about her small business and spent time trying to understand her needs. Their tailored approach made her a believer and as a result, Wendy has decided to transition all of her business banking to the credit union.
“NIHFCU cares about small businesses”
With NIHFCU business lending, you always get our A-Team. We are experts in SBA loans and offer small business owners a personalized business financing experience that large banks can’t provide. From a business line of credit to partner buyout loans, NIHFCU is here to help small business owners thrive. Take a look at our SBA loan programs or speak with a business lending specialist today to get started.