CINCINNATI (2/10/15)--CUNA and the Ohio Credit Union League joined U.S. Small Business Administration (SBA) head Maria Contreras-Sweet in Cincinnati Monday to highlight the mutually beneficial relationship between credit unions and the SBA. As previously reported in News Now, 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.
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 informatoin might be most helpful.
CUNA Chief Operating Officer Rich Meade, participating in the event, told Contreras-Sweet that 74 already have responded to CUNA's call in just the first month of its availability.
Meade attended the event along with Rep. Steve Chabot (R-Ohio), who chairs the House Small Business Committee, Ohio Credit Union League President/CEO Paul Mercer, Rep. Steve Chabot (R-Ohio), Contreras-Sweet, and Bill Herring, president/CEO of Cincinnati Central CU, with $94 million in assets, where the event was held,
Herring has long had credit unions in his blood--his sister, Catherine, serves as president/CEO of Communicating Arts CU, Cincinnati, with $58 million in assets.
Their mother, Louise Herring (nee McCarren), organized more than 500 credit unions in Ohio and is the namesake of CUNA's Philosophy in Action Award..
See the Storify below for social media highlights of Monday's events.
Just last week the SBA and the National Credit Union Administration announced the signing of a memorandum of understanding between the two agencies.
"Since 2011, the outstanding balance of SBA loans by credit unions has seen nearly a 50% increase--from $810 million to $1.2 billion. This signals a growing demand for SBA loan programs," said Contreras-Sweet in a statement announcing the partnership with the NCUA. "Millions of Americans have used their credit union to finance their car, home or children's education. We want to empower credit unions to finance small business start-ups, too."