SWBC and Member Business Lending LLC said that six new credit unions have signed on to offer their members the SBA's lending programs.
Did the credit union industry do enough to persuade legislators to include an amendment that would have raised the member business lending cap in a newly signed $30 billion small business lending law?
When the Recovery Act made it possible for credit unions and other lenders to take advantage of a 90% guarantee from the SBA, as of April, small business owners received their share of $23 billion.
The SBA's Office of Inspector General has confirmed it is reviewing a sample of 300 American Recovery and Reinvestment Act loans as a usual oversight measure and not because those loans have a tendency for a higher number of defaults.
As its former CEO, Gordon Dames took Mountain America Credit Union from a cooperative grappling with a $560,000 loss when he took the helm in 1991 to a $2.5 billion financial institution.
There's just no comparison between a foreclosure or walk-away from a $5.4 billion Manhattan 56-building complex and a defaulted loan on a small retail space in a strip mall.