WASHINGTON -- A bill that seeks to improve access to capital through the Small Business Administration is being praised by CUNA.
Introduced the week of March 5 by Rep. Melissa Bean (D-Ill.) with House Small Business Committee Chair Nydia Velazquez (D-N.Y.) and ranking minority member Steve Chabot (R-Ohio) as original co-sponsors, the bill seeks to improve the access to capital programs of the Small Business Administration.
CUNA testified March 8 before the committee reiterating its prior support for SBA's 7(a) loan program. In a March 14 letter sent to the committee, CUNA President/CEO Dan Mica said the trade group also strongly supports the directive in Section 101 of the bill requiring SBA to offset fees by both borrowers and lenders. Provisions in Sections 102, 103 and 105 of H.R. 1332 to reauthorize a rural low documentation loan program, create a permanent Community Express Program, and provide a new Increased Veteran Participation program also received CUNA's endorsement.
CUNA has suggested that the committee give first priority in offsetting 7(a) lender fees under Section 101(4)(A)(ii) in the bill to fees paid by smaller lenders.