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Creating Regional Presence, East Coast Business Lenders Debuts to Serve New Jersey, Pennsylvania

All of the traditional routes to bring business lending to members at Credit Union of New Jersey were considered, but ultimately, all agreed having a "local flavor" became the guidepost.

By Michelle A. Samaad | Updated on June 19, 2007

PHILADELPHIA and EWING, N.J. — All of the traditional routes to bring business lending to members at Credit Union of New Jersey were considered, but ultimately, all agreed having a “local flavor” became the guidepost.

The $197 million CUNJ along with $553 million Philadelphia Federal Credit Union joined forces in October 2006 to form East Coast Business Lenders, LLC, a CUSO set up to help the two and other credit unions form and expand relationships with business members and select employee groups. ECBL, which opened for business in April, offers loan origination and underwriting, preparation and recording of loan documents, loan portfolio management and drafting of and annual reviews of a credit union’s member business lending policy.

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