PHILADELPHIA and EWING, N.J. -- To provide support to credit unions looking to start or expand their business lending programs, Philadelphia Federal Credit Union and the Credit Union of New Jersey have linked up to form East Coast Business Lenders, LLC. The CUSO actually opened for business in October 2006 and will offer credit unions assistance with forming and expanding relationships with business members and select employee groups. It will also help credit unions develop their business lending policies and procedures, and provide the education and training for their boards and staff to enable them to become advocates and referral sources of member business loans, the CUSO said.
According to ECBL CEO Kathie Stone, the CUSO is looking to form partnerships with credit unions in Pennsylvania and New Jersey.
In related news, Philadelphia FCU recently expanded its business accounts package to include more interest-bearing accounts and loan options. In addition to primary savings, free checking, savings certificates, free ATM/PFCU check cards the credit union now offers Growth Checking, Sweep Savings and money market accounts.
The $524 million Philadelphia FCU serves more than 97,000 members and the $211 million Credit Union of New Jersey serves nearly 35,000 members.