Despite California being one of the hardest hit states in lending, Member Business Services said its 2008 loan portfolio surpassed 2007 by 32% and so far, the momentum has continued.
The Rancho Cucamonga, Calif.-based member business lending CUSO's loan portfolio totaled $224.5 million under management for the first quarter, which is an increase of 19.0% or $10.2 million from year-end 2008, according to MBS. Business deposits increased by $18.2 million during the same period. The CUSO also said it ended 2008 with a loan portfolio of $214.6 million under management; a 32.0% increase over 2007. Business deposits grew 18.3% over 2007 levels.
Year-end delinquency was reported at 0.47% and first-quarter delinquency increased to 1.07%, according to the CUSO. Business loan submissions for the year reached an all-time high in 2008 with 699 loans submitted, totaling $294.4 million.
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