CUNA is concerned about a proposed increase in fees related to the Small Business Administration’s 7(a) program, particularly since it believes it could come with unintended consequences to small business borrowers.
CUNA is concerned about several recently proposed changes to the Small Business Administration’s regulations pertaining to Express Loans and Affiliation Standards. CUNA sent a letter to the SBA Tuesday on the proposal.
CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection rulemaking agenda, which was released last month.
The House passed the CUNA-supported Small Business 7(a) Lending Oversight Reform Act Tuesday by a voice vote. It would enhance accessibility of capital available under the Small Business Administration’s 7(a) loan program.
The Small Business Administration’s 7(a) loan program is authorized for a total of $26.5 billion in fiscal year 2016, an increase of $8 billion, per the government funding bill that was signed into law last week by President Barack Obama.
The Small Business Administration reached its 7(a) lending limit for fiscal year 2015 Sunday, meaning the 7(a) program is suspended until it is reauthorized for additional funds by Congress, or until its new appropriation takes effect Oct. 1.