SBA Proposal Would Expand Lending Opportunities For Credit Unions
By CU Today Staff —
WASHINGTON--The Small Business Administration’s proposal on small business size standards would make several positive changes for credit unions. In comments filed with the SBA Monday, America’s Credit Unions noted the proposal will expand the number of businesses eligible for SBA programs, increase opportunities for credit unions to participate in SBA lending and better align SBA's framework with current economic conditions and market realities.
The proposal would also raise the asset threshold to determine small business status for credit unions to $5.031 billion (up from the current $850 million). SBA estimates this change would bring an additional 429 credit unions within the small business definition, for a total of 4,471 credit unions eligible to provide federal small business assistance as SBA lenders.
America’s Credit Unions said it supports the proposal because it would:
Originally reported by CU Today.