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Cooperative Business Services partners with Cornerstone Resources to provide business lending services

Nov 10, 2020, 12:30 PM by Cornerstone League

PLANO, TEXAS (Nov. 6, 2020)—A new partnership between Cornerstone Resources and Cooperative Business Services LLC (CBS LLC) will increase credit unions’ ability to support members and their communities through credit union business loans in Arkansas, Oklahoma, and Texas.

CBS LLC is a credit union service organization (CUSO) with 17 years of experience in business lending services, working with more than 130 credit unions.

“Many credit unions have an interest in commercial lending but lack the necessary in-house expertise or funds to build it out fully,” said Cornerstone Resources VP of Product and Business Development Jeff Phillipich. “Cornerstone is proud to work with a CUSO like CBS LLC to help provide unique business lending solutions to our valued members. CBS has helped credit unions nationwide lessen the financial impact of starting or expanding a commercial lending program by leveraging efficiencies they’ve found within the process and ultimately providing short- and long-term financial results to help diversify and grow the credit union’s balance sheet.”

In partnership with CBS LLC, interested credit unions may join a Shared Business Development Officer model that funds a dedicated business lending expert to seek loan opportunities in the region represented by those credit unions.

“We are pleased to join with Cornerstone in extending our proven model and the potential it offers credit unions and small businesses in Texas, Oklahoma, and Arkansas,” said CBS LLC President and CEO Keith Reed. “We feel this partnership has solidified our industry reputation of forward thinking and progressiveness in the financial services arena.”

About Cooperative Business Services LLC
Founded in 2003, CBS LLC provides business lending services to credit unions across the Midwest, Mid-Atlantic, and Southern regions of the U.S. CBS LLC has built a reputation for delivering the highest level of service to its credit unions and offering competitive commercial financing to businesses and credit union members.

About Cornerstone Resources
Cornerstone Resources is a service corporation that provides industry-leading solutions and expertise to credit unions across the country. Cornerstone Resources is a part of the Cornerstone League, a regional trade association representing the interests of credit unions in Arkansas, Oklahoma, and Texas.