Credit union owners of Octant Business Services have reaped the business lending CUSO's success in 2010 with another dividend.
The Littleton, Mass.-based CUSO said working with 17 credit unions, it serviced 385 loans last year, for a total of $172 million. The firm's loan portfolio grew by $61 million, which represented a growth rate of 55% over 2009's figures.
Bob Cipriani, president/CEO of Octant, said the CUSO was able to pay a 7.5% dividend to its nine credit union owners, marking the second year in a row that a dividend has been issued.
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"It's gratifying to know that our efforts not only have helped so many small-business owners to realize their dreams but also empowered credit unions to enter the small-business market," Cipriani said.
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