CUNA wrote in support of a bill Tuesday that would prevent the Small Business Administration from directly making loans under the 7(a) loan program. Loans made through the 7(a) program are up to 85% guaranteed by the federal government
CUNA joined organizations Wednesday calling on Congressional leaders to remove a provision allowing the SBA to become a direct lender from the reconciliation framework. The proposal would allow the SBA to offer loans of $150,000 of less directly to small businesses.
The Paycheck Protection Program has played an important role in keeping small businesses and their employees afloat during this crisis. Credit unions helped Main Street America by facilitating more than 200,000 PPP loans that averaged just $47,000.
Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.