business loan program - cubg · benefits of the fast track program • outsourcing smaller business...
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BUSINESS LOAN PROGRAM
ELIGIBLE LOANS
Business VehiclesAutos or trucks up to $100,000Term LoansEquipment secured up to $100,000
Residential CREResidential investment properties up to $150,000
Business Credit CardsCredit limits up to $50,000
Lines of CreditEither secured (non-RE) or unsecured up to $50,000
PROGRAM SET-UP
• Fast Track loan policy template
• Borrower loan application on paper and/or online
• Optional loan documentation package
• Post-closing checklist for quality control
• 2-3 hours of remote consulting for initial program set-up
CUBG’s program set-up for CUs includes:
SERVICE STANDARDS
Next day loan decisions with brief credit presentation
Next day loan documents delivered electronically
CUBG’s Fast Track loan program o�ers fast, e�icient, and low-cost processing of small loans!
For credit unions with a business lending program in place, this program o�ers easy application processing, including underwriting only or underwriting plus loan documents. For credit unions without a business lending program in place, CUBG also o�ers a turnkey program which includes policies, applications, checklists, and consulting to assist with program set-up.
Benefits of the Fast Track Program
• Outsourcing smaller business loans allows the credit union to concentrate internal resources on larger loan requests
• Credit unions of any size can supplement in-house resources with Fast Track quickly and easily
• Fast Track loans can be originated in the branch, extending the credit union’s lending capabilities
• Credit unions without an MBL program can easily get started by o�ering smaller business loans
• Loans $50,000 or less do not count under the MBL cap
Fast Track Pricing
CUBG’s Fast Track Membership includes set-up and consulting, plus access to CUBG’s documentation system.
Easy Access with Online ToolsCredit unions can select a branded portal or use CUBG’s generic online application and streamlined document transfer system for easy access to the entire process for all parties – the borrower, the credit union, and CUBG.
YOUR LOGO HERE
CU Business Group | 866.484.2876 | www.cubg.org | [email protected]
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BUSINESS LOAN PROGRAM
General Implementation Considerations Responsibility
Program Design/System ReadinessProduct design (define rates/terms/features)
Credit Union CUBG
Core system set-up (booking/funding, reporting, servicing)
Sta� product training
Member marketing/sales
Application (one page streamlined application)
Underwriting (Easy-to-use decision scorecard matrix)
Loan documents (Complete package of loan documents – credit union may choose to use third party digital signing for e�iciency)
Compliance/regulations (Assistance with compliance/regulatory issues)
Loan Policy Update Customizable policy addendum
Board ApprovalBoard approval for policy (if needed)
Workflow
CU Business Group | 866.484.2876 | www.cubg.org | [email protected]
Pricing
Fast Track Membership
Underwriting – Vehicles, term, LOC or credit cards
Underwriting – Residential investment properties
Loan docs – Vehicles, term, LOC or credit cards
Loan docs – Residential investment properties
Fees for more than two owners or pieces of collateral, etc
CUBG Member
Fast Track Membership for CUs not Member or A�iliate status with CUBG
Current clients – contact us for a specific price quote
$275 per transaction
$375 per transaction
$200 per transaction
$250 per transaction
+$100 per transaction
$5,000 billed annually
Borrower or CU sends application
package to CUBG
CUBG issues credit presentation with recommendations
to CU
CU sends document request
form to CUBG
CUBG returns loan documents
to CU
CU closes and books
the loan
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WORKFLOW