As credit unions nationwide see more deposits than loans from consumers, offering affordable small business financing solutions is more important than ever. Member Business Financial Services (MBFS), the CUSO formed in 2008 to assist credit unions with funding member business loans in their markets, this year exceeded $1 billion in servicing assets and helped partner credit unions fund 2,700 Paycheck Protection Program (PPP) loans for a total of $147 million.
The CUSO provides strategic development, credit services, loan documentation, and loan servicing for business purpose loans, in addition to other member business lending solutions. MBFS currently serves over 60 credit unions and services a business loan portfolio of $1 billion through a 100% remote workforce supporting the multiple markets it serves.
“It’s a privilege to assist credit unions as they provide the financing solutions their local small businesses need,” said Mark Ritter, Chief Executive Officer of MBFS. “MBFS was able to work with many of our partners to navigate the complicated PPP lending process and get millions into the hands of 2,700 small business owners.”
With the excess of deposits on hand today, interested credit unions can take advantage of the Relationship Manager program MBFS provides, which allows institutions to share the cost of an in-market origination team. MBFS also offers a la carte services to credit unions with no annual fees or retainers for utilizing the CUSO’s services.
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