Member Business Lending LLC said it is the first CUSO to offer its credit union participants the SBA Small Loan Advantage program.
The SLA program is a delivery vehicle for SBA guaranteed term loans up to $350,000. Pre-screening tools and streamlined documentation enable credit unions to offer faster and more cost-effective SBA 7(a) loans to business borrowers, according to MBL.
The SLA program also provides lenders with government backed guarantees up to 85% for loans up to $150,000 and 75% of loans greater than that amount. The CUSO said the guarantees can reduce the impact of NCUA’s 12.25% cap on member business loans.
The West Jordan, Utah.-based MBL serves 54 credit unions.