TFCU Looks Beyond Numbers to Help Member with Loan

El Paso, TX - Mrs. and Mr. V are a husband and wife team that have owned a small flight school in El Paso for many years. They are the definition of passionate small business owners. Mr. V is a commercial pilot and instructor and he has an immense background and knowledge of the aircraft industry. This is the only flight school to assist aspiring local pilots. 

They came to El Paso Area Tachers FCU (TFCU) in dire need of funds to replace the engine in their 1968 Cherokee Piper aircraft. One would think that a mature aircraft like that wouldn’t maintain its value or be in good condition. I’ll be honest I thought that until seeing the aircraft first hand and obtaining an equipment appraisal which validated the aircraft’s current value.

The request was only for $30,000 and considering the sales level for the company was right at $90,000 annually the only option they thought they had was to use high interest credit cards or get a private loan from a pilot friend who’d put them on a very short term which would gravely effect their monthly business cash flow and diminish their savings. After meeting with the members and discussing their request at length I explained our process and they were more than willing to provide me the required information to proceed with the business loan process. This was the first time they applied for a “real” business loan so I had to be very patient and do a little hand holding but it was worth it because I was able to get them qualified for the much needed loan. Looking pass their sales level and rare or specialized industry type allowed me the opportunity to see that they had been long time members of the CU and had both personal and business accounts with us in good standings. It was also a plus that they had secondary income by way of Mrs. V fulltime nursing job and great credit scores.  

When we closed the loan Mr. & Mrs. V were practically in tears and expressed their gratitude to the credit union for looking at their request and taking them serious even though they are just a “small business”. We explained to them that them that credit unions look beyond the numbers and assist every member with the same respect and consideration regardless of their sales level or deposit balances.