It’s no secret that there is a gap in small business lending in the United States. Credit unions are willing to step in and fill the need for their small business owner members and their respective communities. But, putting this type of loan program together can be costly. LEVERAGE is introducing a new LEVERAGE Business Lending program. It helps credit unions to increase their loan portfolios while helping members gain access to loans that are backed by the Small Business Administration (SBA). This is critical for small businesses since they are the engine for America’s economy.
The SBA is looking to support $36 billion in small business financing in 2016. One of the SBA’s strategic goals is to continually expand its programs and identify new lenders. At the heart of the SBA program is job creation for small businesses. Credit unions have always worked to help their members thrive. The LEVERAGE Business Lending program assists credit unions in meeting the needs of their members instead of having to see them get these types of loans from a bank. Many credit unions are not offering SBA lending because they do not have the infrastructure in place.
“When starting an SBA lending program, credit unions generally have to invest hundreds of thousands of dollars just to get it off the ground,” said LEVERAGE CEO Patrick La Pine. “Small businesses have an unmet need right now when it comes to capital for their operations. Credit unions can fill this gap. LEVERAGE Business Lending does all the heavy lifting so credit unions can focus on their members and helping their small businesses thrive.”
LEVERAGE Business Lending assists credit unions to begin offering 7(a) loans and CDC 504 loans, plus it will supply all of the training and consulting so the credit union has very little upfront costs. LEVERAGE Business Lending helps credit unions increase their engagement with members and take another step in becoming their primary financial institution.
“LEVERAGE Business Lending provides the expertise and training for credit unions. It’s much more cost effective and helps credit unions not only increase their loan portfolios, but also provide much needed credit to those members that need it. Plus, the loans are backed by the U.S. Government,” said La Pine.
LEVERAGE is partnering with Capital Growth Solutions, LLC, a Tennessee based loan service provider that is the gold standard of SBA loan providers. Capital Growth Solutions has more than a century of experience working with the SBA and lenders to help small businesses succeed. The SBA helps Americans start, build, and grow businesses. It is able to make it happen through an extensive network of field offices and partnerships with public and private organizations.
The business lending program is another example of how LEVERAGE looks to identify needs for credit unions and bring relevant products to the marketplace. When credit unions support LEVERAGE, they are supporting the credit union system. For any credit union interested in learning more about LEVERAGE Business Lending, contact LEVERAGE Vice President of Product Support Keith Hopkins at 866.231.0545 ext. 1170.