WASHINGTON--Credit unions lending through the Small Business Administration’s (SBA) International Trade Loan (ITL) program will feel more secure in deploying capital to support small manufacturers, America's Credit Unions noted.
Starting May 1 through the ITL program, small manufacturers will be eligible for loans with a 90% federal guarantee. The SBA announced the change this week, representing a sizeable jump from the current 75% guarantee offered under the SBA’s 7(a) loan program, ACU said.
The SBA also recently expanded ITL eligibility to include small businesses across the food supply chain, including those in agriculture, production, and logistics industries.