WASHINGTON (2/9/15)--The U.S. Small Business Administration has invited CUNA and the Ohio Credit Union League to join the agency and a federal lawmaker in Cincinnati today for a dialogue about further lending innovation and increasing access to capital. It will be followed by a 10 a.m. (CT) press event.
Scheduled to participate in the day's activities are U.S. Rep. Steve Chabot (R-Ohio), SBA Administrator Maria Contreras-Sweet, CUNA Chief Operating Officer Rich Meade and Ohio Credit Union League President/CEO Paul Mercer. The meeting will take place at Cincinnati Central CU, with $94 million in assets.
Chabot chairs the House Small Business Committee, where he has served since his election to Congress in 1994. CUNA and state credit union associations continue to work closely with lawmakers and the SBA to help interested credit unions take advantage of the benefits of the SBA's guaranteed loan programs.
The purpose of the event, the SBA said, is to build awareness of SBA programs for credit unions. For instance, the SBA's 7(a) loan program can benefit credit unions because of the SBA's guarantee for 50% to 90% of the loan. The SBA-guaranteed portion of the loan does not count against a credit union's member business lending (MBL) cap, currently set at 12.25% of a credit union's assets.
Local officials from credit unions with SBA lending programs will also take part in the SBA roundtable discussion. They include: Tim Mislansky, chief lending officer, Wright Patt CU, Beavercreek, with $2.8 billion in assets; John Bowen, president/CEO, River Valley CU, Miamisburg, with $229 million in assets; Phil Buell, president/CEO, Superior FCU, Lima, with $464 million in assets; Greg Kidwell, president, Pathways Financial CU, Columbus, with $223 million in assets; Art Kremer, president/CEO, Sharefax CU, Batavia, with $322 million in assets; and Bob Myles, chief lending officer, Telhio CU, Columbus, with $532 million in assets.
CUNA worked with SBA in 2003, and before, to overturn a SBA interpretation that only community credit unions could participate in SBA lending programs: Now, credit unions may apply regardless of charter type.
Since then, CUNA has met and partnered with SBA, and testified to support SBA 7(a) and 504 programs a number of times.
CUNA, along with the CUNA Lending Council, has developed an online form to collect information from credit unions interested in participating in SBA programs (News Now Jan. 20).
Press is also invited to join Contreras-Sweet, Chabot, Meade and Mercer on a tour of small businesses--with SBA or credit union connections--in Over-the-Rhine neighborhood.
On Friday, the SBA and National Credit Union Administration signed a memorandum of understanding in which they pledged to team up on a series of initiatives aimed at helping small businesses connect with local credit unions to get better access to capital. (See related story: NCUA, SBA to team up to help CUs provide more capital to small biz.)
Social media users interested in following today's events should search the hashtag #CUSmallbiz.