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KEENE, N.H. – Shared employees can apparently be considered part of the SBA lender qualification process between a CUSO and a credit union. Northeast Member Business Services received guidance from the SBA’s Office of Financial Assistance stating that it will consider a shared-employee concept. To do so, there must be within the SBA’s Lender Service Provider Agreement, a clear definition of the roles of the CUSO and CU including the rate of compensation that relates to the services rendered; the line of services provided and that the CU has policies and procedures in place that define its operational responsibilities and the form of internal control exhibited over the service provider’s seasoned lender (the shared employee). Rick Slater, COO of Northeast Member Business Services, said the SBA’s decision will allow all CUSOs to hire a seasoned commercial lender for its partner CU’s market while keeping the day-to-day management of the MBL program within the credit union. Specifically, the CUSO will manage sales and loan decisions and customer/member relationships will be managed by the Credit Union. Northeast Member Business Services provides MBL services to CUs throughout the northeast.

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