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WASHINGTON-CUNA participated in a discussion on Capitol Hill last week regarding the Small Business Administration’s proposal to change the funding of the popular 7(a) program. CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn said CUNA and other financial services industry groups held a relatively informal meeting with Senate Small Business and Entrepreneurship Committee staffers to discuss SBA’s legislative proposal. Earlier this month, SBA announced that it was proposing legislation to cut its 7(a) loan guarantee program from the current maximum guarantee of 85% to 50% across the board and move the entire application process to its express program where lenders can use their own paperwork. SBA pitched the modifications because they allow the program to return the loan amount it can guarantee to $2 million and increase SBA’s lending ability by 30%, while moving the 7(a) program closer to funding self-sufficiency. Telesis Community Credit Union President and CEO Grace Mayo, whose credit union is heavily involved in business lending, represented CUNA at the meeting. Kohn and CUNA Associate General Counsel Mary Dunn also attended.

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