PORTLAND, Ore. -- CU Business Group LLC said it continues to service those business lending programs that are entering their third, fourth and fifth year of operation even as it adds new clients to its roster.
The CUSO signed on 19 new credit unions in June. That same month, it reviewed more than 215 business loan packages. In May, the CUSO signed on 13 new credit unions and reached a landmark of more than $1 billion in loan packages reviewed, CUBG said.
CUBG provides business lending, deposit and consulting services to 277 credit unions in 34 states.
"Credit unions are beginning to reach maturing levels in their business lending programs. Many of our credit unions are now in the third, fourth or fifth year of their programs and we're seeing a lot of high quality opportunities and increased lending volumes across the country," said CUBG President/CEO Larry Middleman. "We typically see only larger, more complex loans from our credit unions, which makes these volumes even more impressive."
To keep up with the demand, the CUSO said it has hired six new staffers over the past few months. Much of the increase in business is due to an expanded presence in the southern part of the country, Middleman said.