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News Now

Washington
CUNA issues comment call for new SBA rules
WASHINGTON (5/29/09)—The Credit Union National Association (CUNA) has issued a regulatory comment call on the U.S. Small Business Administration's (SBA) proposal to change the size criteria of businesses eligible for the SBA’s 7(a) guaranteed business loan program. The revised rule would extend 7(a) loans to small businesses with a net worth of $8.5 million or less, a move that could grant eligibility to as many as 70,000 additional small businesses. The changed standard would only apply until Sept. 30, 2010. CUNA is asking for industry comment on whether or not credit unions support this changed size requirement and if the changed rules should be extended beyond September 2010. Comments are due to CUNA by July 22. For more information, use the link.


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