A group serving credit unions in Pennsylvania and New Jersey has added Lendio to its business lending network, cuBIZloan.com from Princeton, New Jersey
Lendio is a business loan market based in Lehi, Utah, 29 miles south of Salt Lake City. Lendio’s business loan market has more than 75 small business lenders across the country.
Murray Halperin, Managing Member of cuBIZloan.com, said the addition of Lendio represents an expansion of cuBIZloan’s lender network.
“Lendio only completes our credit unions when the loan application does not meet the guidelines of one of our credit union partners,” said Halperin. “With Lendio’s streamlined online application process, we can help more small businesses finance their dreams. “
The deal includes fees that Lendio pays cuBIZloan and the referring credit union if a loan is funded, Halperin said.
The cuBIZloan.com network is designed to help credit unions offer a full line of commercial and commercial loan products to compete in the business lending arena.
This is a partnership between CrossState Solutions Inc. and Biz Lending & Insurance Center Inc.
CrossState Solutions is a wholly owned subsidiary of the CrossState Credit Union Association, which serves Pennsylvania and New Jersey.
BIZ Lending & Insurance Center is a Boca Raton, Florida company. Halperin, its president, founded the company in 2004 to develop commercial and commercial loan marketing programs specifically designed for credit unions.
NCUA data shows that credit unions issued $ 30 billion in commercial loans in 2020, up 22% from 2019. Total loan origination increased 25% to $ 677.9 billion. of dollars.