California MBL CUSO Reports Strong Business Loan Demand
The Rancho Cucamonga, Calif.-based member business lending CUSO's loan portfolio totaled $224.5 million under management for the first quarter, which is an increase of 19% or $10.2 million from year-end 2008, according to MBS. Business deposits increased by $18.2 million during the same period. The CUSO also said it ended 2008 with a loan portfolio of $214.6 million under management; a 32% increase over 2007. Business deposits grew 18.3% over 2007 levels.
Year-end delinquency was reported at 0.47% and first quarter delinquency increased to 1.07%, according to the CUSO. Business loan submissions for the year reached an all-time high in 2008 with 699 loans submitted, totaling $294.4 million.
MBS was founded by San Bernardino, Calif.-based Arrowhead Credit Union in 2003. It is owned by five credit unions and the California Credit Union League.