Cooperative Business Services is hoping the $29 million in loans it funded in the first quarter will put it on track for a second consecutive year of record growth.
The Cincinnati-based business lending CUSO said the average CBS loan is roughly $536,000 and the largest transaction funded is over $9 million.
"I am extremely satisfied with our first-quarter production, and I am encouraged about the forward momentum that our sales team and partner credit unions are building in the market," said Keith Reed, CBS president/CEO.
The CUSO said even through tough economic times, CBS continues to grow in both number of employees and portfolio size. Over the past two years, it created 16 jobs and increased its lending footprint from five to 10 states. On July 1, CBS will also celebrate its 10th anniversary in business.
CBS said it has closed 678 loans totaling approximately $380 million to date.
"We are working hard to exceed our goals for 2013 and continue to increase the awareness of credit union business lending as a favorable option for business owners in search of financing," Reed said.
CBS said it facilitates the origination, underwriting, closing, servicing and portfolio management of business loans for more than 70 credit unions in 10 states. The CUSO's portfolio consists of commercial real estate and term business loans, SBA loans, and lines of credit, according to CBS.
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