SBA-Approved CUs Surpass 100

Register now

The Small Business Administration said that the number of credit unions nationwide offering SBA-backed loans has increased to more than 100, with 22 joining so far this year. The 100th to join the program was the University of Maine Credit Union, in Orono, Maine.

In February 2003, the SBA reinterpreted its rules to allow all credit unions with sufficient lending capabilities to join its loan delivery system for small businesses. Among the newest to be approved was ORNL FCU, which is the first credit union in Tennessee to sign on to the SBA 7(a) Loan Program.

For reprint and licensing requests for this article, click here.