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New small business CUSO reaches profitability
TALLAHASSEE, Fla. (1/4/08)--Member Business Solutions (MBS), a credit union service organization owned by Southeast Corporate FCU and Georgia Central CU, announced that it has underwritten more than $350 million in credit union small business loans in its first three years. “The best loans for credit unions tend to be for $500,000 or less, not multi-million dollar development loans,” said Jim Gallagher, MBS president. “We’ve encouraged our credit union partners to focus on small-business members, rather than looking elsewhere to make bigger loans.” Small businesses continue to thrive, according to an Aite Group survey. About 69% of large banks surveyed said they consider small businesses important to their success, and 80% of community bankers have placed a stronger emphasis on small businesses than they did three years ago. “Credit unions have the edge if they stick to what has made them unique all long--lending to people they know,” Gallagher said. MBS serves 45 credit union partners in 12 states.
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