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Member Business Services Biz loans remain strong
RANCHO CUCAMONGA, Calif. (5/7/09)--Member Business Services (MBS), a credit union service organization (CUSO) owned by the California Credit Union League and five California credit unions, reported that its business loan portfolio and business deposits under management grew during the first quarter. MBS’ loan portfolio totaled $224.5 million under management--an increase of 19%, or $10.2 million--from year-end 2008. Business deposits increased by $18.2 million during the same period “Despite the economic slowdown, small business lending and business deposits have continued to expand,” said Scott Burger, MBS president/CEO. “As banks have curtailed their lending, small businesses have gravitated toward credit unions that can be selective and provide a new source of funding.” Year-end delinquency was reported at 0.47% and first quarter delinquency increased to 1.07%. Business loan submissions for the year reached an all-time high in 2008 with 699 loans submitted, totaling $294.4 million. The CUSO ended 2008 with a loan portfolio of $214.6 million under management--a 32% increase over 2007. Business deposits grew 18.3% over 2007 levels. Members Business Services was founded by San Bernardino-based Arrowhead CU in 2003. MBS now counts CoastHills FCU, Lompoc; SCE FCU, Irwindale; USA FCU, San Diego; and USC CU, Los Angeles, as partners.
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