NAFCU, SBA meet to discuss CUs' small biz lending
NAFCU will meet today with the Small Business Administration's (SBA) Office of Capital Access to discuss progress made toward the association's goal of improving access to credit union small-dollar loans to small businesses across the nation.
On its fall regulatory agenda released last week, the SBA included goals to expand access to capital through its lending network, support veterans and military families looking to start or expand their businesses, among others. The agency will also work to implement the NAFCU-supported Small Business 7(a) Lending Oversight Reform Act.
Many credit unions use SBA programs, including the 7(a) loan program, to provide loans to small businesses and entrepreneurs in their communities. NAFCU witness Sonya McDonald testified before the Senate Small Business Committee in January to offer support for strengthening the 7(a) loan program through the reform bill and to highlight the value credit unions provide the nation's small businesses.
NAFCU has partnered with the SBA to improve access to credit union small-dollar loans to small businesses across the nation. During last year's Congressional Caucus, NAFCU President and CEO Dan Berger and SBA Administrator Linda McMahon signed a Memorandum of Understanding aimed at increasing credit unions' participation in SBA programs.
NAFCU Senior Regulatory Affairs Counsel Ann Kossachev and Regulatory Affairs Counsel Kaley Schafer will attend today's meeting.
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