Out-of-State Credit Unions Head to Utah for Member Business Lending
SALT LAKE CITY -- A number of credit unions outside of Utah are continuing to sign on with Mountain America Credit Union's member business lending CUSO.
The $396 million Southland Credit Union based in Downey, Calif., is the 20th credit union to join Member Business Lending, LLC. The $292 million Hawaii Community Federal Credit Union in Kailua-Kona, Hawaii and $2.5 billion Randolph-Brooks Federal Credit Union based in Live Oak, Texas also recently partnered with MBL.
"Many small businesses generate good cash, but do not have the collateral needed to secure a regular commercial loan," said Ed Fox, CEO of Southland. "With the assistance and expertise of MBL, Southland can now provide exceptional service as our Members' trusted business financial partner. That's something we're excited about." Formed in 2004 by $1.9 billion Mountain America Credit Union's Mountain America Financial Services, it is the largest producer of credit union-generated Small Business Administration loans in the country, according to the CUSO. Four of its clients made the top 10 list of SBA loans by volume in 2005 including Mountain America, America First Credit Union, Jordan Credit Union and Tooele Federal Credit Union.