In its latest push to gather support for increasing the member business lending cap, NAFCU recently called on the SBA to aid in the fight.
NAFCU President/CEO Fred Becker wrote to SBA Administrator Karen Mills asking for her support of H.R. 4191, a bill that would better facilitate credit union lending through the agency.
Introduced March 8 by Rep. Kurt Schrader (D-Ore.) and Rep. Steve Chabot (R-Ohio), the bill would establish a separate approval process for loans made in the 7(a) program to credit unions using existing SBA staff and infrastructure. The bill would also create an outreach program to educate credit unions about SBA lending and authorize the agency to simplify the 7(a) application process for credit union.
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