HIGHTSTOWN, N.J. – NJCUL Services Corporation and Biz Lending & Insurance Center, Inc. (BLIC) have announced a new program called njBIZloan Connection.
The njBIZloan Connection is designed for NJCUL-member credit unions to participate in a collaborative program that allows credit unions to earn non-interest income and accept direct business loan leads, the organizations said.
“We want to empower NJCUL members to tap into the significant member business lending deal flow in NJ, even for the 89% of our member credit unions who do not currently do member business lending,” said NJCUL Services Chairman and New Jersey Credit Union League President/CEO David Frankil. “Our partnership with Biz Lending & Insurance Center, Inc. and the njBIZloan Connection program is an opportunity to grow commercial lending collaboratively, whether you’re looking to simply provide referrals, lead lending activities, or even just participate. It’s a win-win for all.”
njBIZloan Connection said it has three unique tailored solutions for NJCUL credit unions participation based on their available capital, capabilities, and needs: Referral, Participation and Lead Lender Programs.
Referral Program – (RCU) Solution for credit unions that would like to provide their end users a business loan, but do not have the internal capacity or resources to be able to manage any part of the loan.
Participation Credit Union Program – (PCU) Solution for credit unions that would like to add business/commercial loans to their portfolio.
Lead Lender Credit Union Program – (LCU) Solution for credit unions that would like to accept referred loans from outside their own program, thus making the Lead Lender responsible for completing the underwriting process and closing the business/commercial loan.