OVERLAND PARK, Kan. (8/12/15)--CNBS LLC, a 25-year-old credit union service organization, has introduced a new outsourced Small Business Administration (SBA) loan solution designed to assist credit unions interested in offering SBA 504 loans for their members.
The new service will allow credit unions to offer SBA Community Development Company (CDC) 504 loans without the need to add additional staffing. This service will help credit unions improve member retention rates and streamline the SBA 504 loan process for members.
A CDC is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with SBA and private-sector lenders to provide financing to small businesses through the CDC/504 Loan Program, which provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
The CNBS SBA 504 loan service enables credit unions to provide their members with an online pre-qualification application from the CNBS website. Credit unions can download the application, fill it out with the member, and email the completed application back to CNBS.
CNBS will be able to notify the credit union about the pre-qualification application within 48 hours. Once the member has been pre-qualified, CNBS will handle all the loan documentation on behalf of the credit union.