Member Business Lending LLC said it is the first CUSO to offerits credit union participants the SBA Small Loan Advantageprogram.
|The SLA programis a delivery vehicle for SBA guaranteed term loans up to$350,000. Pre-screening tools and streamlined documentationenable credit unions to offer faster and more cost-effective SBA7(a) loans to business borrowers, according to MBL.
|The SLA program also provides lenders with government backedguarantees up to 85% for loans up to $150,000 and 75% of loansgreater than that amount. The CUSO said the guarantees can reducethe impact of NCUA's 12.25% cap on member business loans.
|The West Jordan, Utah.-based MBL serves 54 credit unions.
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