NACUSO MBL CUSOs step up big with more than 20,000 SBA PPP loans
NEWPORT BEACH, CA (May 27, 2020) — MBL CUSO members of National Association of Credit Union Service Organizations (NACUSO) are front and center in supporting Credit Union lending to small business. While the SBA’s PPP program still has a month to go, MBL CUSOs have already assisted more than 150 Credit Unions across the nation originate in excess of $700 Million dollars of PPP loans serving more than 20,000 small businesses. “We know that when Credit Unions collaborate through a CUSO to share talent and technology in lending, really great results will follow” notes Bill Beardsley, president of the commercial lending CUSO Michigan Business Connection and chair of NACUSO’s Business Services Advisory Group. “Our MBL CUSOs have enabled many Credit Unions to have meaningful impact with their small business members and communities, by working together through a collaborativeCUSO structure” states Jack Antonini, CEO of NACUSO. Mark Ritter, whose Pennsylvania based commercial lending CUSO MBFS has nearly $150 Million of PPP production success adds “This was a mission to our Credit Unions and to us as a CUSO. We were all hands on deck, day and night, to make sure that these members got served.” The CUSOs were especially active supporting underwriting and SBA submission, with more than half of those responding to the survey also providing administration of the forgiveness portion of the program and ongoing loan servicing for the life of the loan.
NACUSO is the only trade association exclusively focused on serving CUSOs and their Credit Union owners through collaboration, advocacy and supporting innovation and cooperation throughout the industry. “It was really easy to see the value of membership in NACUSO, and the collaborative spirit among the MBL CUSO members of NACUSO. Our members share best practices and confront common challenges together, to make us stronger together than we would be by ourselves,” Bill Beardsley added.
The National Association of Credit Union Service Organizations (NACUSO) is a leading advocate for the credit union movement, dedicated to advancing innovation, collaboration, and sustainability within the industry. With a diverse membership representing a wide range of credit union service organizations, NACUSO is committed to driving positive change and empowering credit unions to thrive in a dynamic financial landscape.