CU Group Adds Lendio to Business Lending Network
Lendio joins cuBIZloan.com as a resource for credit unions in Pennsylvania and New Jersey.
A group serving credit unions in Pennsylvania and New Jersey has added Lendio to their business lending network, cuBIZloan.com of Princeton, N.J.
Lendio is a business loan marketplace based in Lehi, Utah, 29 miles south of Salt Lake City. Lendio’s business loan marketplace has more than 75 small business lenders across the nation.
Murray Halperin, managing member of cuBIZloan.com, said the addition of Lendio represents an expansion of cuBIZloan’s network of lenders.
“Lendio only supplements our credit unions when the loan request will not match with one of our credit union partners guidelines,” Halperin said. “With Lendio’s simplified online application process, we can help more small businesses finance their dreams.”
The arrangement includes fees Lendio pays to cuBIZloan and the referring credit union if a loan is funded, Halperin said.
The cuBIZloan.com network was designed to help credit unions offer a full suite of commercial and business loan products to compete in the business lending arena.
It’s a partnership between CrossState Solutions Inc. and Biz Lending & Insurance Center Inc.
CrossState Solutions is a wholly-owned subsidiary of the CrossState Credit Union Association, which serves Pennsylvania and New Jersey.
BIZ Lending & Insurance Center is a Boca Raton, Fla., company. Halperin, its president, founded the company in 2004 to develop commercial and business loan marketing programs specifically designed for credit unions.
NCUA data showed credit unions originated $30 billion in commercial loans in 2020, up 22% from 2019. Total loan originations grew 25% to $677.9 billion.