BIRMINGHAM, Ala./TALLAHASSEE, Fla.—LEVERAGE, an affiliate of the League of Southeastern Credit Unions & Affiliates, has introduced a new business lending program to help CUs gain access to loans backed by the Small Business Administration (SBA).
Called the LEVERAGE Business Lending program, the service is designed to make it simple for CUs to offer an SBA program without having to start a program from scratch and face the initial costs, LEVERAGE explained.
“When starting an SBA lending program, credit unions generally have to invest hundreds of thousands of dollars just to get it off the ground,” said LEVERAGE CEO Patrick La Pine. “Small businesses have an unmet need right now when it comes to capital for their operations. Credit unions can fill this gap. LEVERAGE Business Lending does all the heavy lifting so credit unions can focus on their members and helping their small businesses thrive.”
LEVERAGE Business Lending assists credit unions to begin offering 7(a) loans and CDC 504 loans, and will supply all of the training and consulting so the credit union has very little upfront costs, the company stated. “LEVERAGE Business Lending helps credit unions increase their engagement with members and take another step in becoming their primary financial institution.”
“LEVERAGE Business Lending provides the expertise and training for credit unions. It’s much more cost effective and helps credit unions not only increase their loan portfolios, but also provide much needed credit to those members that need it. Plus, the loans are backed by the U.S. Government,” said La Pine.
LEVERAGE is partnering with Capital Growth Solutions, LLC, a Tennessee-based loan service provider that is the “gold standard” of SBA loan providers, LEVERAGE said. Capital Growth Solutions has more than a century of experience working with the SBA and lenders.
CUs wanting information on LEVERAGE Business Lending should contact LEVERAGE Vice President of Product Support Keith Hopkins at 866.231.0545 ext. 1170.