WASHINGTON – An executive with Randolph-Brooks FCU is expected to testify today for a bill that would open up the Small Business Administration lending process to greater participation for credit unions and other small lenders.
Mark Sekula, head of business services for the $3.5 billion credit union, is expected to endorse proposed amendments to the SBA program which would assist small lenders outside the preferred lender program; create new incentives for rural SBA lending; boost SBA lending to veterans; and enable the SBA to auction of loans to the secondary market.
The Randolph-Brooks executive is scheduled to testify on behalf of NAFCU during a hearing this afternoon before the House Small Business Committee, which is considering the SBA reform bill.
Randolph-Brooks only started its business lending five years ago and SBA lending two-and-a-half years ago but has built its program into one of the most successful MBL programs in the country and was recognized as the SBA’s Credit Union Lender of the Year for 2009.
The NAFCU representative is also expected to continue the credit union campaign to get Congress to raise the limit on member business loans from the present 12.25% of assets.
