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WASHINGTON-The House passed legislation last Wednesday to improve the calculation of the federal subsidy rate for certain small business loans, which the Senate had passed Jan. 27. In her floor statements, Congresswoman Stephanie Tubbs Jones (D-Ohio) advocated allowing broader credit union participation in the Small Business Administration 7(a) loan program. “Small business is in fact big business, accounting for over 75% of the jobs held in this country and an equally large percentage of the gross national product. For small businesses to grow and create jobs, infusions of capital are critical,” she remarked. “And while this bill is a major step in the right direction, it just begins to address some of the concerns arising out of small business loan programs provided by the SBA,” Tubbs Jones said. “Among those is the issue of opening up the SBA 7(a) program to more credit unions, an action that the SBA Administrator’s discretionary authority allows, an action that would give credit unions the same authority to offer SBA guaranteed loans enjoyed by other federally insured lenders.” NAFCU Communications Manager John Zimmerman commented, “We are glad to see a renewed interest in Congress in opening up the 7(a) program. That coincides with the important efforts of NCUA and the credit union community.” -

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