Utah MBL CUSO Offers SBA Loan Advantage Program
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.