Removing Barriers Blog

Letter Sent to Small Business Committee in Support of SBA 7(a) Loan Program
Posted October 17, 2017 by CUNA Advocacy

The House Small Business Committee will hold a hearing today to discuss the Small Business Administrations (SBA) 7(a) Loan Program.  Prior to today’s hearing, CUNA sent a letter to Chairman Steve Chabot and Ranking Member Nydia Velázquez to remind them how active credit unions are with SBA loan programs. 

The SBA loan programs provide small business owners with much needed capital to start and expand their businesses, and in 2016 there were over 400 credit union SBA lenders.  The credit union lenders reported $1.6 billion in SBA loans outstanding in 8,100 individual loans for 2016.   

CUNA has been a strong supporter of the SBA 7(a) loan program – and urges the highest possible federal funding level.  CUNA also encourages the SBA to simplify and clarify the language of its regulations, eliminate inconsistencies and conflicts that make the rules more complex and confusing. 

Yesterday the Senate passed S. Res 165 – A resolution celebrating April 30 – May 6, 2017 as “National Small Business Week.”  Earlier in May, CUNA’s President and CEO wrote an article celebrating Small Business Week.  With small businesses being the backbone of the American economy, we need to ensure they have the necessary access to capital.  

CUNA will continue to advocate on behalf of America’s credit unions and their 110 million members to ensure small businesses are able to access credit and grow their local economies.