WASHINGTON (7/15/09)— Sen. Mary Landrieu (D-La.), chairman of the Senate Small Business Committee, and Small Business Administrator Karen Mills invited lender groups, including the Credit Union National Association (CUNA) to a breakfast meeting to discuss creditors’ concerns with current SBA programs. CUNA Deputy General Counsel Mary Dunn, attending on CUNA’s behalf, emphasized that credit unions want to work closer with the SBA to make more loans to small businesses. Dunn raised several issues during the meeting including:
* Making permanent the SBA 7(a) loan 90% guarantees approved temporarily under the 2008 Housing and Economic Recovery Act; * Containing fees under all SBA programs; and * Ensuring the agency has sufficient personnel to help review loan applications, handle problems, and process guarantee payments to lenders in the case of a borrower's default.
After the meeting, Dunn followed up with Landrieu and Mills, as well as Senate and SBA staff, to emphasize how credit unions can help small businesses across the country.