WASHINGTON — Marking the five-year anniversary of when the Small Business Administration first expanded its loan programs to credit unions regardless of their charter, CUNA President/CEO Dan Mica and SBA Administrator Steve Preston recently met to discuss strides made and where improvements might be made.
Hector Barreto, SBA administrator in 2002, estimated that as many as 1,500 credit unions were likely to join SBA's network of lenders after the federal agency lifted its limit on CU participation to only those with community charters.
That would account for a potential increase of 30% in the overall number of facilities where entrepreneurs can seek capital for their business, Barreto said. In 2007, however, credit unions only accounted for 1% SBA lending.
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