Small business lending is on the minds of credit unions and lawmakers this week in Washington, D.C.
On Thursday, Randolph-Brooks Federal Credit Union's executive vice president/chief lending officer, Sonya McDonald testified on behalf of NAFCU in front of the House Small Business Subcommittee on Investigations, Oversight and Regulations. McDonald testified about the Small Business Administration's 7(a) loan guarantee program and the value credit unions provide to our country's small businesses.
The SBA's 7(a) loan program is designed to encourage lenders to provide small business loans to those "that might not otherwise obtain financing on reasonable terms and conditions," according to a Congressional report.
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