CU BizSource List of MBL Fund Certified Credit Unions Grows, Preps National Loan Participation Exchange Platform

MIDDLETOWN, Pa. – The number of credit unions certified to invest in a new mutual fund comprised of member business loans continues to grow.

North Island Credit Union recently became the 20th credit union certified through CU BizSource, LLC, a member business lending CUSO that provides the certification process to invest in the CU System Fund. Launched in March 2005, the fund was created by CUNA Mutual Group to allow for the purchase of business loans from credit unions and the sale of shares in them to other interested credit unions. Each certified originator is limited to selling up to 10% of the total value of the fund. The loan amounts are generally between $250,000 and $1 million. CUNA Mutual provided the initial $25 million to help launch the fund.