In December 2020, Credit Union Loan Source (CULS) reached another milestone as loans outstanding surpassed $2 billion. Originations from 2015 to 2020 grew by 95% to $1.16B. The finance company, headquartered in Alpharetta, Georgia, has experienced rapid growth over the past 5 years expanding its portfolio by more than 75%.
Bill Moniz, President and CEO, joined the organization in January 2016 during the auto boom following the Great Recession. Under his leadership the company has experienced steady growth, but “during the pandemic, we found ourselves well-positioned with a proven business model to expand our originations as others withdrew from the marketplace,” Moniz says.
During 2020, CULS grew its dealer network from eight states including Georgia, Alabama, Florida, Oklahoma, Tennessee, North Carolina, South Carolina, and Illinois to 16 states. The company now also originates in Virginia, Indiana, Kentucky, Ohio, Wisconsin, Kansas, Missouri, and Minnesota. Moniz projects continued success in 2021. “As the demand for auto loans grows, so will we.”