Member Business Lending LLC said it is the first CUSO to offer its credit union participants the SBA Small Loan Advantage program.
The SLA program is a delivery vehicle for SBA guaranteed term loans up to $350,000. Pre-screening tools and streamlined documentation enable credit unions to offer faster and more cost-effective SBA 7(a) loans to business borrowers, according to MBL.
The SLA program also provides lenders with government backed guarantees up to 85% for loans up to $150,000 and 75% of loans greater than that amount. The CUSO said the guarantees can reduce the impact of NCUA's 12.25% cap on member business loans.
The West Jordan, Utah.-based MBL serves 54 credit unions.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
