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DES MOINES, Iowa – Nearly seven months since its launch, Community Business Lenders is discovering it’s fulfilling a niche here. The CUSO was formed in February by the Iowa Credit Union League, $164 million Community Choice CU, and $94 million MEMBERS 1st Community CU to provide all Iowa credit unions with the resources and third-party support to offer member business loans. “We’ve found a high demand from individuals and businesses looking for a lending partner that embodies the credit union philosophy – a lender who cares more about the needs and long-term success of the member than they do about making huge profits,” said Mark Kilian, CEO of CBL. Case in point: James C. Meinecke, owner of Street Smarts, LLC, was recently able to expand his fleet of cars for driver education classes with the loan he received from CBL. Street Smarts provides training for more than 10 high schools around the state. So far, CBL has received loan applications that range from $60,000 to several million dollars, CBL reports. The CUSO offers business loan underwriting, documenting, closing and servicing, as well as facilitating loan participations. Loan types offered include SBA loans, revolving lines of credit and term loans such as real estate.

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