WASHINGTON - The seven-member business lending task force of the American Association of Credit Union Leagues (AACUL) is planning to hold its first meeting during the week of March 6 to discuss the best approach to identify opportunities and develop business lending support services for credit union leagues. Among the models the task force is considering is the Georgia Credit Union League/National Cooperative Bank model. Started last year and patterned after mortgage programs, it gives credit unions three-tiered levels they can participate in for making business loans: the credit union can refer members to NCB; the CU can collect information on the loan from the member, take the application and then pass the material on to NCB; the CU is involved in the closing of the loan. In all three options, NCN owns the loan. The CU has the option of buying back a portion of the loan and putting it on their loan portfolio. Ralph Jones of the GCUL and a member of the task force said the business loan model is "a way for a credit union without business lending expertise, to gain experience through a third party."
AACUL business lending task force to meet in March
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