A separate SBA loan approval and repurchase program would be established for credit unions under a new bill.
Introduced in early March, the Credit Union Small Business Lending Act (H.R. 4191), would simplify the SBA application process for credit unions and boost coordination between the agency and the NCUA.
As proposed, the legislation would also guarantee 85% of loans that credit unions provide to members that reside in designated underserved areas. The loans would not exceed $250,000. The guaranteed portion of SBA loans does not count toward the credit union member business lending cap.
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