Correspondent MBL Program Piloted
First Citizens FCU announced it has completed the first member business loan through its new Correspondent CU Program.
The correspondent MBL program was developed to give partner CUs the ability to extend commercial lending services, including Small Business Administration loans, to their members.
Under the program, First Citizens' funds the loans through the correspondent credit unions, which then extend business loans to their members.
Loans are serviced by Octant Business Services, which is jointly owned by First Citizens and seven other credit unions.