NAFCU members talk to SBA today

August 26, 2014

Aug. 26, 2014 – NAFCU members will participate in a call with senior staff at the Small Business Administration today at 3 p.m. – for a discussion about new products from the agency and issues important to the credit union industry.

Members interested in joining the call should contact NAFCU Director of Regulatory Affairs Mike Coleman at mcoleman@nafcu.org.

In June, SBA Administrator Maria Contreras-Sweet announced two initiatives expected to reduce the costs for small lenders, including credit unions participating in SBA 7(a) loan programs. One program – making the agency’s total credit score available to all lenders for loans amounting to less than $350,000 – began in July. And early next year, SBA plans to roll out a new, automated 7(a) loan guarantee platform that SBA expects will save lenders up to $5,000 per loan issued.

NAFCU works closely with SBA to promote ways to maximize credit unions’ participation in SBA’s 7(a) loan program. Loan amounts guaranteed by SBA are excluded from credit unions’ member business lending cap.

 

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