Under a new bill, a separate SBA loan approval and repurchaseprogram would be established for credit unions.
Introduced in early March, the Credit Union Small BusinessLending Act (H.R. 4191), would simplify the SBA application process for credit unions and boostcoordination between the agency and the NCUA.
As proposed, the legislation would also guarantee 85% of loansthat credit unions provide to members that reside in designatedunderserved areas. The loans would not exceed $250,000. Theguaranteed portion of SBA loans does not count toward the credit union memberbusiness lending cap.
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