Member Enterprise Monetary Providers, a CUSO with $1 billion in servicing belongings, introduced that it has helped associate credit score unions fund 2,700 Paycheck Safety Program loans for a complete of $147 million.
MBFS, of Trevose, Pa., helped member credit score unions settle for PPP loan functions as quickly as this system grew to become out there from the Small Enterprise Administration, and members gave it excessive marks for the help it supplied their members amid this system’s rocky introduction.
Whereas many different small companies had been unable to get clear solutions from their lenders in regards to the PPP program, MBFS helped present readability and options to enterprise members of American Heritage Credit score Union in Philadelphia, in line with its president/CEO, Bruce Okay. Foulke.
“The nimbleness of MBFS was able to help the business community when they needed it the most,” Foulke stated.
“Their leadership and proactive development of necessary infrastructure during the COVID crisis to support their partners with the overnight rollout of the SBA Payroll Protection Program was second to none,” Brian J. Waugaman, president/CEO of Erie Federal Credit score Union ($588 million, Erie, Pa.), added.
“With MBFS as our partner, we received overwhelmingly positive feedback from the business owners for the personal service, attention to detail and quick turnaround times,” Joe Mirachi, president/CEO of Launch Federal Credit score Union ($806 million, Merritt Island, Fla.).
“It’s a privilege to assist credit unions as they provide the financing solutions their local small businesses need,” MBFS CEO Mark Ritter stated. ”MBFS was capable of work with lots of our companions to navigate the difficult PPP lending course of and get hundreds of thousands into the arms of two,700 small enterprise house owners.”
MBFS was shaped in 2008 to help credit score unions with funding member enterprise loans of their markets. Collectively owned by 13 credit score unions, MBFS supplies loan servicing, portfolio administration companies, loan underwriting, coordination of loan participation and preparation of loan paperwork. It serves 60 credit score unions by way of a 100% distant workforce.