RAPID CITY, S.D.–Midwest Business Solutions, a CUSO based here that specializes in business lending, is now operating under the name PACTOLA.
Launched in 2009 with eight credit union owners known known as senior equity partners, the CUSO has since added 14 additional junior equity credit union partners with the overall assets of all the participating CUs now exceeding $4.2 billion.
The company said that as it has grown to serve credit unions located outside the Midwestern U.S., the board opted to create a DBA name under Midwest Business Solutions. “The name PACTOLA was chosen for its unique and distinctive sound, and was taken from the name of a small river in Asia Minor called Pactolus,” the CUSO said. “The river was famous for gold that washed from its sands, and there is also a reservoir in western South Dakota named Pactola.”
PACTOLA’s focus is business lending, specifically in the areas of commercial real estate, all commercial real estate not tied to real estate, and agricultural lending.