Through its new leasing program, Financial One Credit Union was able to expedite a truck lease application for a member who is now the owner of his own business.
According to the $64 million credit union in Columbia Heights, Minn., after years of driving for various trucking companies, the Financial One member visited a branch, where he completed a one-page application for a $20,000 equipment lease to purchase a used 2006 Freightliner truck with 600,000 miles on it.
The application was submitted on a Tuesday and approved the next day. The truck purchase was funded that Friday, and the following Monday, the member picked up his truck, and is now his own boss.
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"What made this so easy is that the business member was a long-time member, with great credit and more than 10 years of experience in the trucking business," said Lacey Mack, Financial One vice president of business relationships. "It's all about finding a solution for our members. When we couldn't approve the loan for a truck with that many miles, the leasing program was a great alternative."
Financial One used business services CUSO CU Business Group LLC's new equipment leasing program to help the member get the financing he needed, according to the Portland, Ore.-based CUSO.
The program helps credit unions offer members an alternative to traditional business lending, with funding for equipment from $5,000 to $75,000 with a one-page application and 24 to 48 hours for approval, CUBG said. The leasing program also supports larger equipment purchases, up to $5 million with additional financial information provided.
Leasing requires less up-front capital from the borrower, according to Larry Middleman, CUBG president/CEO. The CUSO program is focused on small dollar leases and carries no credit risk to the credit union, as financing is provided by CUBG leasing services partner, Capital Funding Alliance, he noted.
"Leasing is a great option for businesses looking to finance equipment needs, particularly for businesses that want to conserve cash, and businesses that simply don't qualify for a loan," said Middleman.
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