Heartland Business Services   Loan Access
  September 21, 2019
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FAQs

FOR CREDIT UNIONS

 

1.)  Why should I partner with Heartland?
2.)  What types of services can Heartland provide?
3.)  I’m not a member of the Missouri Credit Union Association or an owner of Heartland. Can I use Heartland?
4.)  Is Heartland an SBA approved lender?
5.)  My staff isn’t familiar with business lending.  Does Heartland provide training?
6.)  Who actually funds the loans?
7.)  What role, if any, will Heartland play in loan participations?
8.)  Who makes the ultimate decision on approving a loan?
9.)  Is there a minimum loan amount that Heartland will service?
10.) What types of loans does Heartland service?


FOR BUSINESSES

1.)  I’m located outside of the state of Missouri.  Can I still use Heartland?
2.) 
What types of loans does Heartland offer?
3.) 
How do I apply for a loan?
4.) 
I’m not a member of a credit union.  Can I still apply for a loan?

 

FOR CREDIT UNIONS

1.) Why should I partner with Heartland?
Heartland’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. 

2.)  What types of services can Heartland provide?
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 Web page for additional information.

3.)  I’m not a member of the Missouri Credit Union Association or an owner of Heartland. Can I use Heartland?
Yes. By entering into a Servicing Agreement with Heartland, your credit union can take advantage of our services.

4.)  Is Heartland an SBA approved lender?
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. 

5.)  My staff isn’t familiar with business lending.  Does Heartland provide training?
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.

6.)  Who actually funds the loans?
Members applying for loans interact with your credit union.  Heartland provides the necessary documentation and checklists in order for your credit union to successfully close and fund the loan.

7.)  What role, if any, will Heartland play in loan participations?
HBS coordinates the sale with other possible credit union participants and provides documentation for the transaction.  These loans can be serviced by Heartland.

8.)  Who makes the ultimate decision on approving a loan?
HBS provides a recommendation for approval or denial of the loan package. However, the submitting credit union makes the final decision.

9.)  Is there a minimum loan amount that Heartland will service?
No. However, the NCUA does not consider loans to any one business with an aggregate total less than $50,000 as a business loan.

10.)   What types of loans does Heartland service?
Heartland 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 Loan Types Web page for additional information.

 

FOR BUSINESSES

1.)  I’m located outside of the state of Missouri.  Can I still use Heartland?
Yes, as long as you are a member of a credit union that has partnered with Heartland.

2.)  What types of loans does Heartland offer?
Heartland does not offer loans. We service loans for credit unions.  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.

3.)  How do I apply for a loan?
A list of Heartland’s credit union owners can be found on the Partners page.  If your credit union is not listed, 
present them with your loan request and ask them to contact Heartland for servicing of the loan.

4.)  I’m not a member of a credit union.  Can I still apply for a loan?
Yes. However, you need to become a credit union member.  Each credit union has specific membership requirements.  Please refer to the Partners page to find the credit union that best fits your needs.

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Heartland Business Services
2055 Craigshire Drive
St. Louis, Missouri 63146
800.527.8472
Fax: 314.542.1398
info@hbscu.com