January 08, 2020

Carranza confirmed as new SBA administrator

Jovita CarranzaThe Senate Tuesday confirmed Jovita Carranza to be administrator of the Small Business Administration (SBA). NAFCU works closely with the SBA to expand access to credit union small-dollar loans to small businesses across the nation.

Carranza previously served as U.S. treasurer within the Treasury Department and as deputy SBA administrator. She was confirmed by a vote of 88-5.

NAFCU and the SBA in September signed a new Strategic Alliance Memorandum (SAM) to strengthen their partnership. The association's September-October edition of The NAFCU Journal also includes a feature on SBA loan programs and how credit unions have seen success by participating in them.

SBA Regional Administrator for the Mid-Atlantic Region Michelle Christian gave an update on NAFCU's partnership with the agency to increase the number of credit unions offering certain SBA loans at NAFCU's 2019 Congressional Caucus. House Small Business Committee Chairwoman Nydia Velázquez, D-N.Y., also touted credit unions' small business lending at Caucus.

In addition to NAFCU's partnership with the SBA, the NCUA earlier this year entered into an agreement with the agency that launched a three-year collaboration to provide webinars, training events, and media outreach to increase credit unions' understanding and usage of SBA-backed loans and resources.