njBIZloan Connection, LLC is a collaboration of credit unions that are committed to the development of businesses in the state of New Jersey.
NJCUL Services Corporation Announces njBIZloan Connection
HIGHTSTOWN, N.J. – NJCUL Services Corporation and Biz Lending & Insurance Center, Inc. (BLIC) announced a new program njBIZloan Connection at the New Jersey Credit Union League’s 83rd Annual Convention at the Golden Nugget Casino in Atlantic City.
The njBIZloan Connection is designed for NJCUL-member credit unions to participate in a collaborative program that allows credit unions to earn non-interest income and accept direct business loan leads.
“We want to empower NJCUL members to tap into the significant member business lending deal flow in NJ, even for the 89% of our member credit unions who do not currently do member business lending,” said NJCUL Services Chairman and New Jersey Credit Union League President/CEO David Frankil. “Our partnership with Biz Lending & Insurance Center, Inc. and the njBIZloan Connection program is an opportunity to grow commercial lending collaboratively, whether you’re looking to simply provide referrals, lead lending activities, or even just participate. It’s a win-win for all.”
The njBIZloan Connection has three unique tailored solutions for NJCUL credit unions participation based on their available capital, capabilities, and needs: Referral, Participation and Lead Lender Programs.
Referral Program – (RCU) Solution for credit unions that would like to provide their end users a business loan, but do not have the internal capacity or resources to be able to manage any part of the loan.
Participation Credit Union Program – (PCU) Solution for credit unions that would like to add business/commercial loans to their portfolio.
Lead Lender Credit Union Program – (LCU) Solution for credit unions that would like to accept referred loans from outside their own program, thus making the Lead Lender responsible for completing the underwriting process and closing the business/commercial loan.
About the NJCUL Services Corporation:
The New Jersey Credit Union League Services Corporation (NJCUL Services Corporation) is a wholly-owned subsidiary of the New Jersey Credit Union League. NJCUL Services Corporation’s mission is to aggregate the distribution of value-added products and services that enable its members to improve operational efficiency and better serve their members. It identifies the premier products and services that empower our member credit unions to grow and thrive.
About Biz Lending & Insurance Center:
Biz Lending & Insurance Center, Inc. is a national company that is focused on developing commercial and business loan marketing programs specifically designed for credit unions. BLIC was incorporated in 2004 and has been instrumental in helping Credit Unions generate hundreds of millions of dollars in quality commercial real estate and business loans. In 2011 BLIC expanded its offerings to include a Health, Life and Senior products insurance platform for individuals and small businesses. To learn more about BLIC’s services please visit theblic.com.