While it might have been a surprise to most in the member business lending world when word came that the seven-year-old Northeast CUSO would be shutting down, the timing actually could not have come at a better time. 

Backed by what it says are strong and healthy financials, the Keene, N.H.-based firm announced on Dec. 3 that it would cease operating in April 2013 and distribute capital to its six credit union owners. Northeast said it will continue to provide services to its partners until then, after which, it will wind up operations over a period of months.

The CUSO offers business lines, term loans and commercial real estate loans for member-owned businesses. Northeast opened in 2005 to help credit unions develop small business portfolios and since then has processed more than $1 billion in business loans for credit unions in eight states. It carved a niche by providing loans under the $150,000, according to Scott Anderson, CEO of Northeast.