Member Business Solutions Hits Major Milestone: 5,000 Loans Made
Southeast Corporate CUSO partners with South Carolina FCU to support small businesses
TALLAHASSEE, Fla. (Feb. 9, 2012) – Member Business Solutions (MBS), along with its 60 credit union partners, is building a reputation for helping small-business owners achieve their goals. Now, the CUSO has accomplished a milestone of its own — processing its 5000th loan.
South Carolina Federal Credit Union in Charleston put MBS over the top with its business member, MacHill Machinery Solutions, LLC. The firm imports computer numerical control (CNC) machines, and then modifies them with the addition of robotics and custom-engineered tooling solutions.
“Helping members like MacHill Machinery be successful also creates success for others,” said Trey Gantt, Business Services Manager at SCFCU. “Small businesses prosper and that benefits the whole community. Our partnership with MBS has helped us demonstrate the cooperative spirit of credit unions.”
From its start in 2009 with just two employees, MacHill now has five employees and expects to add more. “We plan to start manufacturing CNC machines here in Summerville to reduce the amount of machines we import,” said Robert McPherson, MacHill’s President. “Our experience with South Carolina Federal has been very positive. Flexibility and consistent positive support have been the rule rather than the exception.”
The $1.3 billion SCFCU, which has worked with MBS since 2006, has 5,004 business members, with business deposits in excess of $28 million. Steven Majewski, Business Services Officer, says the credit union targets businesses with fewer than 25 employees and sales under $2.5 million. Currently, it has 276 business loans outstanding, with an average loan amount of $45,000.
“As our economy gains traction, we want to be positioned to help businesses grow,” said Majewski. “The personal knowledge of our loan officers, combined with the underwriting expertise at MBS, has enabled us to expand our portfolio with quality loans.”
Jim Gallagher, President of MBS, says it is gratifying to see tangible results from small businesses, such as MacHill Machinery. “This company is thriving, and we’re proud of the role that South Carolina Federal and MBS played in making it happen,” he said. “I’m proud of crossing this 5,000-loan milestone because it underscores the value credit unions can provide to small businesses and the areas they serve.”
About Member Business Solutions
Member Business Solutions acts as a credit union’s business lending department by providing loan services for all types of member business loans including loan documentation, underwriting and servicing, as well as participation brokerage. Now in its seventh year of operation, MBS has helped credit unions underwrite more than $2 billion in business loans and has partnered with 70 credit unions. For more information, call (888) 627-7881 or visit www.mbsllc.org.