MANCHESTER, N.H. (4/28/15)--Working with credit unions to support more small business lending was named by Maria Contreras-Sweet, the administrator of the U.S. Small Business Administration, as one of her top accomplishments of the year, in a recent interview.
She told the New Hampshire Union Leader here that among a "whole spectrum" of achievements, "one of the most significant" has been an agreement with credit unions. She noted that small loans under $50,000 do not count toward credit unions' 12.25%-of-assets cap on member business loans and that the SBA is reaching out to engage more credit unions in SBA lending programs.
The Union Leader quoted Contreras-Sweet explaining that the SBA is working with credit unions to "help train their employees and their examiners to get more of the $50,000-and-under loans out the door."
As reported in February, CUNA and the Ohio Credit Union League joined the SBA leader in Cleveland in an event to highlight the mutually beneficial relationship between credit unions and the SBA. The purpose of the event was to build awareness for credit unions of the agency's programs and the value of credit unions as a source of credit for small businesses (News Now).
Earlier this year CUNA, along with the CUNA Lending Council, developed an online form to collect information from credit unions interested in participating in SBA programs. The form asks such things as whether the credit union wants to begin participating in SBA's loan program, increase participation, or simply receive more information. It asks what type of information might be most helpful.
Contreras-Sweet was in New Hampshire, accompanied by U.S. Sen. Jeanne Shaheen (D-N.H.) to attend an Alpha Loft business incubator session in Manchester last Monday and for a roundtable discussion with SBA partners and clients.