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Article: Credit unions expand services.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 8, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Frank Norton, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Sep. 8--When Karen and Bill Tomko couldn't get a bank to finance a new business venture, they turned to Coastal Federal Credit Union in Raleigh, where they already kept their personal accounts. Coastal loaned them $335,000 to buy the capital equipment necessary to start H2 Only Cleaners in Morrisville.
The Tomkos have since moved all of their accounts to Coastal, a considerable shift given that they own two other companies.
The banks "declined us because they didn't believe in the concept," Karen Tomko said.
Coastal lent the Tomkos the money ...