Frequently Asked Questions
Find additional details below for frequently asked questions for credit unions and businesses.
Have more questions? Contact Heartland Business Services today!
For Credit Unions
HBS’s team of business lenders , on average, have more than 20 years experience in commercial lending. Partnering with HBS to service your member business loans satisfies all NCUA experience requirements. By partnering with HBS your credit union can immediately begin offering member business loans without the expense of hiring an experienced commercial lender and there is no need to purchase the required software to properly service and document these types of loans.
HBS provides your credit union with a full service backroom operation to service your member business loans including: credit underwriting, loan documentation, collection, loan monitoring and participation services. Additionally, training on member business lending is available. Please see our Services page for additional information.
Yes. By entering into a Servicing Agreement with HBS, your credit union can take advantage of our services.
In order for a credit union to offer an SBA loan as part of their product package, they must become an approved lender through the SBA, not HBS.
HBS assists credit unions by training employees in recognizing and referring opportunities for member business loan products/services. As part of the training process, HBS provides to your credit union with a policy and procedures template to use as a guide in developing its own MBL policies and procedures.
As part of the training process, HBS provides your credit union a policy and procedures template to use as a guide in developing your own MBL policy and procedures.
Members applying for loans interact with your credit union. HBS provides the necessary documentation and checklists in order for your credit union to successfully close and fund the loan.
HBS coordinates the sale with other possible credit union participants and provides documentation for the transaction. These loans can be serviced by Heartland Business Services.
HBS provides a recommendation for approval or denial of the loan package. However, the submitting credit union makes the final decision.
No. However, the NCUA does not consider loans to any one business with an aggregate total less than $50,000 as a business loan.
HBS services various types of member business loans including real estate, revolving lines of credit, standby letters of credit, truck/fleet vehicle financing, term loans, construction loans, and cash secured loans. Please see our lending options for additional information.
Yes, as long as you are a member of a credit union (or a credit union nearby) that has partnered with HBS. Contact your credit union to get started.
HBS does not offer loans. We service loans for credit unions who are partnered with HBS. These business loans include commercial real estate, revolving lines of credit, standby letters of credit, truck/fleet vehicle financing, term loans, construction loans, and cash secured loans. Contact your credit union to get started.
Yes. However, you need to become a credit union member. Each credit union has specific membership requirements. Please refer to the Customers page to find the credit union that best fits your needs.