TALLAHASSEE, Fla. (2/14/12)--Member Business Solutions (MBS), a credit union service organization of Southeast Corporate FCU, based in Tallahassee, Fla., recently processed its 5,000th loan.
South Carolina FCU (SCFCU), Charleston, S.C., put MBS over the top with its business member, MacHill Machinery Solutions LLC. MacHill Machinery imports computer numerical control machines, and then modifies them with the addition of robotics and custom-engineered tooling solutions.
The $1.3 billion SCFCU, which has worked with MBS since 2006, has 5,004 business members, with business deposits of more than $28 million.
The credit union targets businesses with fewer than 25 employees and sales under $2.5 million, said Steven Majewski, business services officer.
Currently SCFCU has 276 business loans outstanding, with an average loan amount of $45,000.
"As our economy gains traction, we want to be positioned to help businesses grow," said Majewski. "The personal knowledge of our loan officers, combined with the underwriting expertise at MBS, has enabled us to expand our portfolio with quality loans."
The Credit Union National Association and credit unions have been urging Congress to raise the member business lending limit to 27.5% of assets from the current 12.25% of assets. Doing so would provide $13 billion to lend to small business owners. Injecting that amount into the economy would create roughly 140,000 new jobs at no cost to the taxpayer.
CUNA also sponsored a Small Business Hike the Hill event in Washington, D.C. last week to support the MBL increase.