WASHINGTON — Consolidating information to eliminate redundancies on forms used by the Small Business Administration's 7(a) loan program is one suggestion made by CUNA in a comment letter to the agency.
In its Nov. 9 letter, CUNA suggested that the Form 4 (borrower's application) and Form 4-1 (lender's application for guarantee or participation) largely duplicate information lenders collect on their own forms. CUNA recommended the consolidation "with an eye toward greater reliance on the use of the date provided on lenders' forms."
In other comments, CUNA praised the agency for its new Rural Lender Advantage Program, which provides a simplified application for loans of $350,000 or less in rural communities.
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"We encourage the agency to consider the extent to which the streamlined characteristics of this program could be applied to other 7(a) loans, especially those which do not exceed $350,000," CUNA wrote.
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