Michigan CUSO Marks Business Loan Milestone
The business lending CUSO Michigan Business Connection said it recently reached $250 million in its servicing portfolio.
The milestone was achieved on Sept. 28, according to MBC in Ann Arbor, Mich.
Formed in 2004, the CUSO provides underwriting and originating commercial loans for financial institutions statewide to assist small and medium-sized businesses.
MBC said it also helps Michigan credit unions share the costs and risks of commercial loan program management. Its staff provides traditional credit risk assessment and management services and customizable front-end business development and loan origination support engagements.
“I am very proud of our progress to date and want to thank all of our partners and staff who have enabled us to reach this important milestone,” said Bill Beardsley, president of MBC.
“Credit unions have become effective and relevant business lenders,” he said. “To have accomplished this success in the recent Michigan environment and with the excellent portfolio performance we have achieved is simply outstanding.”