Cooperative Business Services Reports A Record Breaking First Quarter, Closing $29 Million In New Business Loans
CINCINNATI, OH – Cooperative Business Services (CBS) delivers a record setting first quarter, producing $29 million in closed and funded business loans. This accomplishment puts CBS on track to realize a second consecutive year of record loan production volume and overall portfolio growth.
The production success reflects both credit union and CBS sourced transactions. CBS’ portfolio consists of commercial real estate and term business loans, SBA loans, and lines of credit. The average size of a CBS loan is roughly $536,000, and the largest transaction the cooperative has funded is over $9,000,000.
“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. “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.”
Even through tough economic times, CBS continues to grow in both number of employees and portfolio size. Over the past two years, CBS created sixteen jobs and increased its lending footprint from five to ten states. On July 1, CBS will celebrate its 10th anniversary in business, another milestone accomplishment for the organization.
About Cooperative Business Services (CBS)
CBS is Credit Union Service Organization (CUSO) that facilitates the origination, underwriting, closing, servicing, and portfolio management of business loans for over 70 credit unions in 10 states. CBS enables credit unions to cooperatively lend on commercial loans, which would otherwise exceed their lending limits, giving them an opportunity to participate in these larger loans, combine monetary resources, and spread the risk among them.
CBS is cooperatively owned by eight credit unions and the Ohio Credit Union League Services Corporation. CBS strives to conduct business lending in line with the credit union philosophy and consistently delivers competitive and efficient financing solutions to small businesses. To learn more about CBS, visit www.cbscuso.com.