NAFCU exploring ways to connect CUs, Export-Import Bank
NAFCU President and CEO Dan Berger spoke Friday with Export-Import Bank President and Chairman Kimberly Reed about how credit unions can participate in EXIM programs and lending opportunities to provide credit to member businesses involved in exports.
In addition, Berger and Reed discussed ways the association and agency could partner to provide educational opportunities for credit unions and their members on these issues.
Earlier this week, the NCUA and Export-Import Bank signed a Memorandum of Understanding (MOU) to partner on educational and training initiatives on export financing opportunities for credit unions to offer members.
During the signing ceremony, NCUA Chairman Rodney Hood indicated that EXIM guaranteed loans are exempt from the credit union member business lending cap.
"Helping small businesses to gain access to capital is essential, and we can anticipate that this collaboration will be a great help to many hard-pressed entrepreneurs, particularly the steep challenges they face in today’s environment," Hood said.
As part of its efforts to support credit unions' business lending, the NCUA has also signed an MOU with the Small Business Administration (SBA). NAFCU works closely with the SBA, and in September renewed its partnership with the agency to continue to improve access to credit union small-dollar loans to small businesses across the nation.
NAFCU has supported reauthorization of the Export-Import Bank and will continue to support initiatives that strengthen its work with credit unions. Last year, Congress approved a seven-year reauthorization of the bank.