WASHINGTON – NCUA Vice Chairman Rodney Hood was present to witness Vice President Dick Cheney administer the oath of office to new SBA Administrator Steven C. Preston.
Hood congratulated the 22nd administrator on his appointment and highlighted the important role SBA plays in the credit union community. Through March 2006, there were 2,645 loans outstanding with the SBA through approved credit union lenders for $263,291,443 in loan guarantees. The average SBA loan approval amount was $99,543.
"Thanks to the SBA, and its 7(a) lending program," Hood said, "credit unions are being empowered to offer more small business loans to their members. Credit unions frequently hear from members who own small-businesses about the need for additional sources of capital.Credit unions have a friend in Steven Preston."
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