Through its new leasing program, Financial One Credit Union wasable to expedite a truck lease application for a member who is nowthe owner of his own business.

According to the $64 million credit union in Columbia Heights,Minn., after years of driving for various trucking companies, theFinancial One member visited a branch, where he completed aone-page application for a $20,000 equipment lease to purchase aused 2006 Freightliner truck with 600,000 miles on it.

The application was submitted on a Tuesday and approved the nextday. The truck purchase was funded that Friday, and the followingMonday, the member picked up his truck, and is now his ownboss.

“What made this so easy is that the business member was along-time member, with great credit and more than 10 years ofexperience in the trucking business,” said Lacey Mack, FinancialOne vice president of business relationships. “It's all aboutfinding a solution for our members. When we couldn't approve theloan for a truck with that many miles, the leasing program was agreat alternative.”

Financial One used business services CUSO CU Business GroupLLC's new equipment leasing program to help the member get the financing he needed,according to the Portland, Ore.-based CUSO.

The program helps credit unions offer members an alternative totraditional business lending, with funding for equipment from $5,000 to$75,000 with a one-page application and 24 to 48 hours forapproval, CUBG said. The leasing program also supports largerequipment purchases, up to $5 million with additional financialinformation provided.

Leasing requires less up-front capital from the borrower,according to Larry Middleman, CUBG president/CEO. The CUSO programis focused on small dollar leases and carries no credit risk to thecredit union, as financing is provided by CUBG leasing servicespartner, Capital Funding Alliance, he noted.

“Leasing is a great option for businesses looking to financeequipment needs, particularly for businesses that want to conservecash, and businesses that simply don't qualify for a loan,” saidMiddleman.