WASHINGTON–Representatives of NAFCU will be meeting today with the new head of the Small Business Administration, Jovita Carranza.
Carranza was confirmed by the Senate in January.
NAFCU has frequently met with SBA in the past as part of efforts to expand CU access to small-dollar loans to small business, and in September 2019 signed a new Strategic Alliance Memorandum with the agency.
“I think we have made good inroads with the SBA over the past decade. They have really done well in working with credit unions that want to work with them,” said Carrie Hunt, EVP and general counsel with NAFCU.
Hunt added the SBA has been receptive to addressing “pain points” credit unions have identified in the SBA loan process.
“In general, we are aligned with the SBA. Our goal is to continue to make it as easy as possible for credit unions to make SBA loans,” said Hunt. “We have seen a steady increase in the credit unions making SBA loans.”
Hunt said it’s likely there remains some lack of awareness among credit unions over the types of loan programs available through SBA.
“A credit union has to make a conscious decision to make SBA loans as part of their business plan,” said Hunt.