WASHINGTON – As the Small Business Administration enters a new era with a new administrator, credit unions continue to join the agency's flagship 7(a) loan program. As of May, 308 credit unions are 7(a) lenders, according to SBA data. The loan program has a maximum loan amount of $2 million dollars while SBA's maximum exposure is $1.5 million. Maximum loan maturities are 25 years for real estate and equipment and generally seven years for working capital. For credit unions, the average SBA loan is now $94,297.19, the agency reported.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 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.
