CU 2.0 Podcast Episode 383 MBFS's Mark Ritter on Member Business Lending Now
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CU 2.0 Podcast Episode 383 MBFS's Mark Ritter on Member Business Lending Now
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Mark Ritter, CEO of Member Business Financial Services, a Pennsylvania based CUSO, estimates that about 800 US credit unions do member business lending, meaning that perhaps 3700 don’t.
Many, many more could. That is spelled out in HR 1151, the law that lets credit unions serve more than one employer group. Passage of that law is detailed in CU 2.0 Podcast Episode 51 with Marc Schaefer, then the CEO of Truliant CU.
If credit unions can make small business loans, why don’t they - that’s a question Ritter asks and answers in this show.
But it also is very clear that he believes credit unions - and their members and communities - would be better served if more credit unions jumped into member business lending. The need on the part of small businesses is acute, many are turning to non traditional lenders who may charge as much as 40% APR. Credit unions can play an important role in helping their communities' small businesses, says Ritter.
Understand, too, that a CUSO like MBFS - and there are several competitors in the space - may source the loan, it will underwrite it, MBFS will say if it thinks the loan is a definite “yes,” a definite “no,” or - most likely - a maybe. And if it’s a maybe MBFS will relate the pros and cons of issuing the loan.
The credit union provides the loan capital. MBFS does the heavy lifting.
In the show Ritter offers his unfiltered outlook for commercial real estate loans and also predicts a bump in delinquency rates - and yet he is bullish about member business lending in general.
Ritter, by the way, has his own podcast. Tune in for deep dives in member business trending.
Listen up.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto