WASHINGTON – While calling the SBA budget "generally sound and reasonable," House Small Business Committee Chairman Don Manzullo (R-Ill.) expressed opposition to President Bush's proposal to increase the agency's loan guarantee fees to cover administrative costs. At a March 15 committee hearing on the SBA's fiscal 2007 Budget and Reauthorization Proposals, Manzullo praised SBA Administrator Hector Barreto – who testified at the hearing – for his efforts to "do more with less" at the agency but stopped short of agreeing with any fee increases. He also gave the budget high marks for making certain tax cuts permanent, expanding the deductibility of health savings accounts, and allowing national associations to provide more affordable health insurance to small businesses. The process for reauthorizing the SBA programs is "well underway," Manzullo said, adding it will include legislative changes that aim to improve the agency's response to catastrophic disasters and expand the reach of finance and entrepreneurship programs to more small businesses in America. Grace Mayo, CUNA Business/SEG Services Task Force chairperson and president/CEO of Telesis Community Credit Union, recently testified on behalf of CUNA at a House Small Business Committee hearing saying credit unions have concerns with the SBA's 7(a) loan program fee increases.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.