PHILADELPHIA –Pennsylvania has quickly become a launching pad for business lending credit union service organizations. This time, seven credit unions here recently joined forces to create Member Business Financial Services LLC.
Opened for business in early April, the CUSO is owned by American Heritage FCU, People First FCU, Choice One Community FCU, Service 1st FCU, Eagle One FCU, Keystone FCU and Viriva Community CU. In addition to participation loans, loan processing, underwriting and servicing, Member Business Financial Services will train credit unions on the business depository side, said Bruce Foulke, president/CEO of American Heritage. Loans in the $150,000 to $250,000 range will be the target spot for Member Business Financial Services.
This latest CUSO debut is one of several that have sprung up in Pennsylvania over the past few years. Philadelphia Federal Credit Union and the Credit Union of New Jersey formed East Coast Business Lenders LLC in 2006. The state is also home to Keystone Business Lending Solutions LLC, CU BizSource LLC and the Pennsylvania Credit Union Association's Business Advisory Services.
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