Honigman Successfully Assists Cooperative Business Services, LLC in Securing Small Business Lending Company License

Honigman successfully advised Cooperative Business Services LLC (CBS) in its application for a Small Business Lending Company (SBLC) license, awarded by the U.S. Small Business Administration (SBA) in December 2024. The prestigious license—representing only 5% of all such licenses in existence—allows select non-depository lenders to increase responsible small business loans, expanding access to capital within underserved communities.

The Honigman team, led by Brandy Bruyere, partner in the firm’s Government Relations and Regulatory practice, and Michael Bell, partner and head of the firm's Financial Institutions practice, coordinated with the SBA and provided guidance on creating a robust application, ensuring compliance with all SBLC regulatory requirements.

“We’re elated our work enabled CBS to access an SBLC license, broadening its ability to support underserved communities and entrepreneurs with an infusion of capital,” Bruyere said. “The SBA had a self-imposed moratorium on issuing new licenses for about 40 years leading up to 2023, and there were only 14 of these licenses in existence prior to the SBA opening this round of applications this past August so this was a significant milestone for our client.”

Based in Cincinnati, CBS is a credit union service organization that is committed to supporting economic growth and fostering entrepreneurship. For more than 20 years, CBS has provided innovative lending solutions to small- and medium-sized businesses via a network of more than 140 credit union partners across 17 states. With a SBLC license, CBS is now able to serve as a direct lender for SBA-guaranteed loans of up to $5 million per small business.

"This SBLC license represents a pivotal milestone for CBS, reinforcing our commitment to serving communities through an innovative credit union consortium," said Keith Reed, President and CEO of CBS. "By partnering with local credit unions, we can expand access to vital capital for underserved markets, empowering entrepreneurs to start, operate, and grow businesses that drive economic growth and strengthen the fabric of our communities.”

The CBS press release is available here.

About Honigman

Honigman LLP is an Am Law 200 full-service, general business law firm with more than 350 attorneys counseling clients on complex issues across the country in Chicago, Michigan (Ann Arbor, Bloomfield Hills, Detroit, Grand Rapids, Kalamazoo and Lansing), Washington, D.C. and in our newest wholly owned subsidiary office in Israel. Our lawyers counsel clients on complex issues in more than 60 areas of law. For more information, visit www.honigman.com.

###