Help your Members Fund their Business
CU First Responders Finance, LLC (CUFR) is a partnership between the National Council of Firefighter Credit Unions, Inc. (NCOFCU) and Biz Lending & Insurance Center, Inc.
CUFR’s expertise in equipment and lease lending finance programs, combined with our commercial real estate and member business lending (MBL) support services, position us to capture the MBL market and effectively compete with the banking and finance industry.
Loan Products Available:
- Apparatus: Pumpers, Tankers, Ladder Trucks, Emergency Response Vehicles including Ambulances or other such specialty equipped motor vehicles used for Fire/EMS protection and response (including utility and chief’s vehicles).Accessory Equipment: Other equipment necessary to support firefighting or emergency rescue activities.
- Real Estate: Building renovations, rehabilitation, repair or purchase of facilities.
- Personal Protective Equipment: Clothing and devices that comply with OSHA standards used to protect personnel from injury who provide emergency services, including but not limited to helmets, coats, boots, eye shields, gloves, and self-contained respiratory protection devices.
- Communications Equipment: Mobile and Portable Radios, pagers and any other communications devices for your personnel, apparatus and station.
Three Different Solutions to Choose From
CUFR’s solutions help first responder credit unions develop, market and support loan products that are essential to municipal and volunteer fire departments, associations and small business owners.
Referral Credit Union (RCU)
A turnkey solution for NCOFCU credit unions to refer commercial and business loans to a Lead Lender Credit Union.
- Generate non-interest income, based on the amount funded
- No portfolio risk
- Access to new deposits opportunities
- Online loan request form
- Dedicated Loan Specialist handles inbound calls from employees, members and prospects
- Loan Specialist will support the application stage, pre-screen and facilitation of the referral to a lead lender credit union
Lead Lender Credit Union (LCU)
Solution for NCOFCU credit unions that would like to accept referred loans from outside their own program. The lead lender will be underwriting and funding the pre-screened loan opportunities that meet their policy, procedures and guidelines.
- An alternative origination source for loan volume
- Earn fee revenue through origination and servicing fees
- Maintain control of the underwriting and funding decisions by using current underwriting processes and servicing sources
- Opt to portfolio all of the loan or sell a portion to CUFR credit unions
Participation Credit Union (PCU)
A solution for credit unions that would like to buy or sell commercial real estate, auto, mortgage, credit card, and other types of loans through CUFR’s participation services.
- Participations are a win-win for all parties
- Referring credit unions add loans to their books
- Lead Lenders earn points and servicing revenue
- Our credit union collaboration strengthens
Defined Marketing Targets
Building awareness in the community is the most important feature to help make your credit union a prominent option for the market. CUFR creates a funnel of opportunities with our referral program and the First Responder communities find a lending partner they trust!
The CUFR program takes dedication and perseverance. Providing attractive products with great service to the First Responder industry will result in long lasting repeat business and growth.
Leading with competitive loan products will open the door to attract deposits. Let’s open a dialogue to learn more about the credit union’s long term goals and how the Credit Union First Responders Finance program can help you reach them.