Strong 2010 Brings In Another CUSO Dividend
A 55% growth rate in 2010 for Octant Business Services, a CUSO that provides underwriting and loan servicing for member business lending programs, has yielded another dividend for its owners.
Working with 17 credit unions, the Littleton, Mass.-based Octant serviced 385 loans last year for a total of $172 million. The firm’s loan portfolio grew by $61 million, which represented a growth rate of 55% over the 2009 figures, according to the CUSO.
Its nine New England credit union owners also received their share of a 7.5% dividend, said Bob Cipriani, president/CEO of Octant. The dividend marks the second year in a row for distribution. “It’s gratifying to know that our efforts not only have helped so many small business owners to realize their dreams but also empowered credit unions to enter the small business market,” Cipriani said.