MBL from OSU Federal Helps ‘Shape Up’ Corvallis

Jason Wallis knows a lot about maintaining the health of his clients. But when it came to improving the health of his business, this fitness expert turned to OSU Federal Credit Union for his training regimen.

“We wanted to expand our business and found a location that was just ideal but we needed a partner to make that a reality and OSU Federal helped make that happen,” said Wallis, owner of Fitness Over 50, Inc., an exercise training and wellness center for mature adults.

OSU Federal along with the SBA put together a financing package that allowed Wallis to purchase a one and a half acre property just south of Corvallis. He tore down one old building and began renovation of another.

“The building as finished is about 14,000 square feet,” noted Wallis. We occupy about 10,000 square feet so we were looking to bring other tenants into the facility to complement what we do.”

The effort was highly successful, with four other businesses now leasing space in the building, including a chiropractic clinic and a massage therapy co-op.

Wallis’ business employs six people with other subcontractors also benefitting from the growth of the business.

“Things have been going pretty well for us this year,” Wallis said. “We have had a good summer and fall which is generally a slower time in the fitness business.” Winter is expected to see a spike in new membership as people strive to perform on all those New Year’s resolutions.

“It has been great working with the credit union on this project. They really helped simplify the process and took a personal interest in making this happen,” Wallis said. “The lending opportunity made available to me by the OSU Federal Credit Union was vital to the development and future success of the company.”

Wallis is a strong supporter of allowing credit unions like OSU Federal to raise the cap on Member Business Lending to help other small businesses like his to grow and thrive. Finally, he noted the bill before Congress “will achieve that goal without any additional cost to Oregon taxpayers.”

Now credit unions just have to hope Congress is listening.

Editors’ note: The Northwest Credit Union Association continues to work towards passage of S. 2231 and H.R. 1418. Senate Majority Leader Harry Reid remains committed to a Senate vote before the end of the year, and a contingent of Northwest credit union advocates are currently on Capitol Hill meeting with legislators and urging continued support for the bill, which would increase credit unions’ capacity to issue member business loans (MBLs). The legislation would help create new jobs and strengthen the economy by giving more small businesses like Fitness Over 50, Inc., access to capital while strengthening community ties by connecting more locally owned businesses with not-for-profit lenders in their own communities.

 

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Vice President of Legislative Advocacy
Mark Minickiello, Vice President of Legislative Affairs
Pam Leavitt, Policy Advisor

Posted in Federal, NCUA.