The National Association of Federally-Insured Credit Unions (NAFCU) signed an agreement with the U.S. Small Business Administration (SBA) that strengthens credit unions’ ability to fund loans for small businesses.
The Strategic Alliance Memorandum was signed by NAFCU President and CEO Dan Berger and SBA Administrator Isabella Casillas Guzman at a meeting between the two last week. NAFCU Senior Regulatory Counsel Kaley Schafer was also in attendance. At the meeting, the participants also discussed the SBA Direct Lending provisions included in the Build Back Better Act.
NAFCU had previously signed Memorandums of Understanding (MOU) with former SBA Administrators in 2015, 2017, and 2019. The association continues to work closely with the SBA to expand access to credit union small-dollar loans to U.S. small businesses. NAFCU has remained active on SBA lending issues, as association officials met with Guzman in September during NAFCU’s Congressional Caucus.
Throughout the coronavirus pandemic, credit unions have participated in the SBA’s paycheck protection program (PPP). NAFCU worked to ensure the PPP included credit unions as lenders and meet credit union members’ small business loan needs.
NAFCU officials say they are eager to continue to work with the SBA to bring small businesses and credit unions together.