The NCUA and SBA recently announced a joint initiative to help small businesses and credit unions connect, with the goals of providing small businesses with better access to capital and boosting awareness of SBA programs.
Through SBA lending, credit unions can provide needed capital for existing start-ups and small businesses who may have trouble getting financing from other institutions.
SBA loans are considered some of the safest, as the guaranteed portions of SBA loans do not count against a credit union’s MBL cap.
According to SBA Administrator Maria Contreras-Sweet, “It’s about to become easier for credit unions to help their members finance small business ventures.”
The NCUA and SBA have scheduled a joint webinar on SBA lending for credit union officials and NCUA staff on March 4th at 3:00 p.m. Sign-up details will be released soon.
Interested in starting an SBA lending program at your credit union? CUBG can help! Contact us at SBAservices@cubg.org.