Frequently Asked Questions


Want to know more about Credit Unions?


St. Mary’s Bank of Manchester, New Hampshire holds the distinction as the first Credit Union in the United States. St. Mary’s Cooperative Credit Association was founded by French-speaking immigrants to Manchester from the Maritime Provinces of Canada on November 24, 1908. As the leader of St. Marie’s church, Monsignor Pierre Hevey was instrumental in establishing this Credit Union. Attorney Joseph Boivin managed the credit union, as a volunteer, out of his home in the evenings. America’s Credit Union Museum now occupies the location of Boivin’s home, where St. Mary’s Bank first operated.


Credit Unions in the United States serve 100 million members, comprising 43.7% of the economically active population. U.S. Credit Unions are not-for-profit, cooperative, tax-exempt organizations. Total Credit Union assets in the U.S. reached $1 trillion as of March 2012. There are over 7000 independent Credit Unions in the United States.


Credit Unions have “share insurance” (deposit insurance) of at least $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF). This deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration. As of the end of 2007, the National Credit Union Share Insurance Fund insured more than $560 billion in deposits at 8,101 not-for-profit cooperative US Credit Unions. For comparison, the FDIC insured more than $4 trillion in deposits at 8,560 banks and thrift institutions. The NCUA and the FDIC are both independent federal agencies backed by the full faith and credit of the US government.


In the United States Credit Unions were historically formed around a single church, place of work, labor union, or town. Membership was limited to those who were in the field of membership. The Federal Credit Union Act of 1934 limited membership to “groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community or rural district.”


Credit Unions may typically be chartered to serve a specific employee or associational group or groups (often called a Select Employee Group or “SEG Charter”), all members of a trade, industry, or profession, or have a “Community Charter” (typically a field of membership of anyone who lives, works, goes to school, or attends religious services in a particular city, county, or counties).  Typically, members’ families – such as immediate family or household members – can also join the Credit Union.


Credit Unions generally follow the principle of “once a member, always a member”, which allows a member with a current Credit Union membership to remain a member even if s/he would otherwise no longer qualify to be such.


Credit Unions have other distinguishing characteristics.




How does a Credit Union differ from a bank?





Credit Unions




What is Spectrum Business Resources, LLC?


Spectrum Business Resources, LLC is a Credit Union Service Organization (“CUSO”) providing financial services to business and professionals and formed by five Member Credit Unions including Abri Credit Union (Romeoville, IL), HealthCare Associates Credit Union (Naperville, IL), Consumers Credit Union (Rolling Meadows, IL), NorthStar Credit Union (Warrenville, IL), and NuMark Credit Union (Joliet, IL).


We offer expertise in developing innovative loan and deposit products to fit the unique needs of small businesses and professionals. Our loan structures are flexible to coincide with our member’s unique needs and expectations. Our rates and fees are generally below competitors.
The combined assets of the 5 Credit Union members that created Spectrum Business Resources are approximately over $1 billion. We have a lending limit of over $5 million to a single member. We are located in the Chicago market, but service members nationally.




So How Do I Get a Commercial Loan?




What information will be needed to process my loan request?


Ownership will be asked to provide confirmation of the loan purpose, supporting background on the business and ownership, collateral details, and other supporting documents that help the Lender understand and underwrite the loan, including:




What is the Loan Process?




What Types of Commercial Loans are Available?




What are the advantages of working with Spectrum Business Resources and the affiliated Credit Unions?