The Illinois Credit Union System (ICUS) is pleased to announce its partnership with Cooperative Business Services (CBS). This partnership will empower credit unions with the opportunity to access cooperative loan portfolio services and deliver exceptional financing options to businesses.
CBS is a credit union service organization (CUSO) founded in 2003 to provide commercial loans to businesses through a credit union cooperative. The organization has now grown to partner with over 130 credit unions in 16 states. CBS helps credit unions overcome the commercial loan challenges of startup investment costs while offering the expertise their clients need to develop a successful service to their business members. Its cooperative format is the key that allows credit unions to offer business loans without having to invest in the infrastructure or develop their own programs. If a credit union already has a commercial lending platform, CBS can come alongside that and act as an additional revenue source.
The leaders of ICUS, which includes both the Illinois Credit Union League and LSC, have shared their own excitement about this new partnership with CBS. Tom Kane, President and CEO of the Illinois Credit Union System shared his thoughts saying, “Cooperation and collaboration are part of what make credit unions stand out in the communities they serve. CBS fits comfortably with those values. The people there understand what credit unions are all about. I’m confident in their abilities to help each credit union partner broaden its business loan offerings.”
“I love that ‘Do the right thing’ guides CBS’s mission. It’s clearly served them well, “says Libby Calderone, President of LSC. “I look forward to working with the CBS team to bring the benefits of their loan services to our credit unions and the businesses they serve.”
Keith Reed, President and CEO of CBS says, “As CBS continues to grow, our mission remains simple and direct – ‘Do the right thing’. We seek to help our clients find a way to provide the best possible service to their business accounts. This comes by making it practical and profitable for credit unions to offer quality business loans.”