Credit unions see big success in Payroll Protection lending
More than 5,000 loans totaling $280 million funded
MONROE, LA (May 7, 2020) — Less than one week into the second round of Payroll Protection Plan Funding (PPP) and BAFS’s credit unions are still going strong. Since the PPP funding first stated at the beginning of April, BAFS’s credit union customers have originated more than 5,000 PPP loans totaling $280 Million dollars.
“The additions to our technology and our employees have made the difference in how we are helping our customers succeed,” said Richard Guillot, CEO for BAFS. “When we first started taking PPP applications on April 3rd, our average turnaround speed from application to loan documents was approximately 40 minutes; today that same loan can be processed, submitted to the SBA and delivered, for signature, to the customer in under 5 minutes. Our customers are using the same technology and competing for loans with the larger national banks. While most of the current loans we are seeing are for small businesses needing less than $20 thousand, we are also seeing more of the larger institutional loans greater than $1 million.”
For new BAFS customers the last few weeks have been anything but normal. “In less than 30 days the world has changed, and the way that we lend and who we lend to has changed forever! For us, the new demand for our credit union is beyond compare, we are adding new members daily, taking new loan applications and helping so many people in our community. Working with BAFS these last few weeks has helped us “be better at what we do” and provided us with a chance to grow the services we provide,” said Gwen Rivers, Chief Lending Officer at Caro Federal Credit Union, in Columbia, South Carolina.
BAFS is a privately-owned commercial lending company that provides a full-service, end-to-end, cloud based commercial loan reporting platform.
About Business Alliance Financial Services, LLC (BAFS)
Business Alliance Financial Services, LLC (BAFS) is a privately owned Credit Union Service Organization (CUSO) providing commercial loan processing, servicing, training and consulting to financial institutions.
Founded in 2009, BAFS began with a mission and seven Louisiana credit unions. In 2010, BAFS expanded services to the state of Texas along with two additional Louisiana credit unions added during 2011. Expansion into the Arkansas market began in early 2012. We delivered our proprietary BLAST portal platform in 2014 and have been expanding it ever since. With our portal platform, we have started to service Credit Unions all over the country with institutions in Pennsylvania, California, Nevada, Alaska and growing.