Randolph-Brooks Completes Successful SBA Audit
LIVE OAK, Texas – Randolph-Brooks Federal Credit Union said with the aid of West Jordan, Utah-based business lending CUSO Member Business Lending, LLC, it recently completed a successful SBA audit.
Mark Sekula SVP of $4 billion Randolph-Brooks, said of the Jan. 10-14 exam, “As audits go, this was a very good experience for Randolph-Brooks. With MBL’s help, we have been proactive in our ongoing portfolio management and stayed current with SBA’s recordkeeping requirements. This exam was very important to both organizations and we are extremely happy with the end result.”
“The purpose of MBL is to maximize credit union participation in SBA loan programs at a lower cost through cost sharing with other CUSO participants. Randolph-Brooks’ success demonstrates the effectiveness and efficiency of credit union and CUSO collaboration. Congratulations to the Randolph-Brooks staff for their outstanding audit and ongoing success,” said Kent Moon, President and CEO of MBL.
Randolph-Brooks was approved to offer Small Business Administration (SBA) loans in September 2005 and began working with MBL in June 2006. Randolph-Brooks has been active in a variety of SBA’s loan programs, but the organization has been an industry leader in the Patriot Express program. The credit union is the highest volume Patriot Express lender in Texas. On a national level, it ranks as the largest Patriot Express lender among credit unions and fourth largest Patriot Express lender among all financial institutions. In 2009 the Small Business Administration recognized Randolph-Brooks as the Credit Union Lender of the Year.