Credit unions are flocking to take advantage of a three-month-old ruling expanding membership eligibility for
Credit union participation in the SBA program has grown 21% to a total of 92 credit unions since the first of the year with another
Credit union trade groups have been pushing credit unions to get more involved in member business lending the past few years
"When we began talking about opening it up a bit we saw a mild increase in interest. But since then (the ruling) we have seen a
The SBA is not actively marketing the program to credit unions, but the major credit union trade groups, CUNA and NAFCU,
The increase in credit union participation is much welcomed by the SBA because of a desire to get more capital into the hands of
"The credit unions have access to a lot of folks out there who do not have access to or do not use traditional banking institutions,"
In addition, the SBA has focused on helping to expand financial services to underserved communities, another area of credit union
Under the SBA's 7a guaranteed loan program, the federal agency guarantees as much as 85% of a loan up to $150,000; and 75%
To qualify for the program a credit union must demonstrate an ability to originate, service and liquidate on a small business loan