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An agreement outlining ways in which NAFCU and the Small Business Administration will be working to get more credit unions engaged in small-business lending was signed Wednesday at Washington Gas Light Federal Credit Union, a NAFCU member.

Washington Gas Light FCU President and CEO Lynette Smith hosted NAFCU President and CEO Dan Berger and SBA Administrator Maria Contreras-Sweet at her credit union's headquarters in Springfield, Va., for the signing ceremony. "NAFCU is grateful to Lynette, her board and her staff for all the work they did to make today's event a seamless one," said Berger.

From left: Washington Gas Light FCU's Lynette Smith, Contreras-Sweet and Berger.

Smith said 50 percent of workers retiring in the next five years are the ones who will want the kinds of loans provided through SBA. "SBA programs are what we need to be able to start lending to our small-business members," she said. "These programs allow us to add a constructive dimension to our credit union's mission to empower members to lead more prosperous lives."

Berger and Contreras-Sweet signed a memorandum of understanding that is aimed at getting more credit unions to increase their lending to member-small businesses through SBA micro loan programs. Each SBA-guaranteed loan dollar from a credit union is excluded from the credit union's member business loan limit; this allows the credit union to make the most of its MBL authority.

The signing was attended by Washington Gas Light FCU staff and board members and staff from NAFCU and SBA.