New CU BizSource Product to Assess Loans under $50,000
MIDDLETOWN, Pa. - Credit unions needing an origination solution to assess loans under $50,000, will soon have another option to turn to. CU BizSource said it will launch its Bank2Business product this year. With B2B, CU lenders can input a loan application anywhere there is an Internet connection and receive a recommended decision within minutes, the company said. It will also provide a commercial credit score based on formulas from Fair Isaac's Small Business Scoring Service. B2B can also be used to prescreen credit transactions ranging from $50,001 to $250,000. CUBizSource plans to hold a training Webinar on B2B in early 2006. The firm also plans to launch a Statement Spreading package for less complicated loans that will include financial statements, cash flow reports, peer ratio analysis and technical narrative produced by Baker Hill software outlining weaknesses within the most recent financial period. CU BizSource serves 27 credit unions and corporates.