A SBA proposal that aims to make the application process easier for the agency's loan programs has received support from CUNA.
Under the proposal, the SBA said it would eliminate a personal resources test from the regulations for the agency's 7(a) and 504 loan programs and allowing SBA applicants more flexibility to use their loans to finance expenses.
"CUNA strongly supports efforts of federal agencies to eliminate unnecessary, outdated regulatory restrictions on credit unions," CUNA Senior Assistant General Counsel for Regulatory Advocacy Luke Martone wrote this week in a comment letter.
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