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Washington
Presidents SBA fee waiver idea could help CUs CUNA
WASHINGTON (12/9/09)—President Barack Obama’s Tuesday announcement that he supports waiving or eliminating fees and increasing guarantees associated U.S. Small Business Administration (SBA) lending programs could ease restrictions some credit unions run into when interested in participating in SBA lending programs. The Credit Union National Association (CUNA) has consistently advocated with the SBA and Congress that fees for the agency’s 7 (a) and 504 guaranteed lending programs should be lower and guarantees increased. Although eligible to participate in these programs, some credit unions have found the fees, as well as the complexity of the application process, to be prohibitive to their involvement. CUNA has testified before the U.S. Congress repeatedly that changes to the SBA's 7 (a) guaranteed lending program that would enable more credit unions to participate and could serve as an essential tool for helping credit unions achieve their mission of serving all the credit needs of members. CUNA maintains that the SBA loans could particularly help with serving low- to middle-income individuals and underserved communities.
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