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TREVOSE, PA (May 19, 2020) - Member Business Financial Services (MBFS), the CUSO formed in 2008 to assist credit unions with funding member business loans in their markets, recently exceeded $1 billion in servicing assets and helped partner credit unions fund 2,700 Paycheck Protection Program (PPP) loans for a total of $147 million.
“We have an amazing partner in MBFS. Their leadership and proactive development of necessary infrastructure during the COVID crisis to support their partners with the overnight rollout of the SBA Payroll Protection Program was second to none. Erie FCU would not have accomplished what we did for our member businesses if it was not for the tireless efforts of Mark and his team. Thank you MBFS," said Brian J. Waugaman, CEO of Erie Federal Credit Union.
"During these difficult times, it was gratifying to support small businesses in our community with the PPP loan program. With MBFS as our partner, we received overwhelmingly positive feedback from the business owners for the personal service, attention to detail and quick turnaround times," said Joe Mirachi, President/CEO of Launch Federal Credit Union.
“Thanks to partnership between the American Heritage commercial lending team and the MBFS team, we were able to begin accepting PPP applications as soon as the program became available from the SBA,” stated Bruce K. Foulke, President & CEO of American Heritage Credit Union. “MBFS successfully leveraged its own small business lending resources, and coupled with the expertise of the American Heritage team, we were immediately able to provide clarity and solutions for our business members. And, while many other local small businesses were unable to get clear answers from their lenders, they were able to turn to the credit union movement. The nimbleness of MBFS was able to help the business community when they needed it the most.”
The CUSO provides strategic development, credit services, loan documentation, and loan servicing for business purpose loans, in addition to other member business lending solutions. MBFS currently serves over 60 credit unions and services a business loan portfolio of $1 billion through a 100% remote workforce supporting the multiple markets it serves.
"It's a privilege to assist credit unions as they provide the financing solutions their local small businesses need," said Mark Ritter, Chief Executive Officer of MBFS. "MBFS was able to work with many of our partners to navigate the complicated PPP lending process and get millions into the hands of 2,700 small business owners."
As credit unions nationwide see more deposits than loans from consumers, offering affordable small business financing solutions is more important than ever. Interested credit unions can take advantage of the Relationship Manager program MBFS provides, which allows institutions to share the cost of an in-market origination team. MBFS also offers a la carte services to credit unions with no annual fees or retainers for utilizing the CUSO’s services.
MBFS is a Credit Union Service Organization jointly owned by American Heritage Federal Credit Union, Viriva Community Credit Union, American Spirit Federal Credit Union, Century Heritage Federal Credit Union, Wes-Aircomm Federal Credit Union, Discovery Federal Credit Union, Launch Federal Credit Union, Sun East Federal Credit Union, People First Federal Credit Union, Erie Federal Credit Union, Choice One Community Federal Credit Union, Eagle One Federal Credit Union, and Service 1st Federal Credit Union. The CUSO provides loan servicing, portfolio management services, loan underwriting, coordination of loan participations, and preparation of loan documents. MBFS has grown to serve over 60 credit unions and services more than $1 billion in business loans.