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NAFCU, SBA renew partnership
NAFCU President and CEO Dan Berger and Small Business Administration (SBA) Acting Administrator and General Counsel Chris Pilkerton signed a new Strategic Alliance Memorandum (SAM) yesterday aimed at expanding access to credit union small-dollar loans to small businesses across the nation.
The number of federally insured credit unions' outstanding SBA loans continues to grow, and is up 4 percent year over year. Credit union SBA loans have steadily increased over the years, and have risen by 16.5 percent since 2007. NAFCU's February Economic & CU Monitor report revealed that credit unions invest in their communities and are an important source of credit for small businesses.
Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Director of Regulatory Affairs Ann Kossachev, and Regulatory Affairs Counsel Kaley Schafer also attended Tuesday's meeting.
NAFCU previously signed Memorandums of Understanding (MOU) with former SBA Administrators Maria Contreras-Sweet and Linda McMahon in 2015 and 2017, respectively, and continues to work closely with the SBA to strengthen credit unions' ability to fund loans for small businesses in their communities.
NAFCU has remained active on SBA lending issues, meeting with McMahon earlier this year to discuss credit unions' participation in SBA lending programs as well as website accessibility concerns under the Americans with Disabilities Act (ADA) and efforts to modernize the Telephone Consumer Protection Act (TCPA).
The SBA and NCUA have also signed an MOU aimed at increasing awareness of SBA programs and launching a three-year collaboration to provide webinars, training events and media outreach meant to increase credit unions' understanding and usage of SBA-backed loans and resources.
The association looks forward to continuing its partnership with the SBA and working closely with the agency to bring small businesses and credit unions together.