TREVOSE, PA (May 26, 2020) - The Board of Member Business Financial Services (MBFS), the CUSO formed in 2008 to assist credit unions with funding member business loans in their markets, recently approved up to $30,000 in matching donations to local food banks for credit unions involved in the PPP loan program. MBFS has helped 30 of its partner credit unions fund 2,700 Paycheck Protection Program (PPP) loans for a total of $147 million.
"The PPP loan program was chaotic and ever changing, pushing credit union staff and our CUSO staff to work harder and longer than ever before," says Mark Ritter, CEO of MBFS. "As a way to say thank you to our credit union partners for participating in the PPP program and to assist their local communities during this difficult time, the MBFS Board of Directors has approved a special program to match up to a $1,000 donation to a local food bank in each credit union’s marketplace."
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.
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, West-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.