SBA Lobbies CUs On Expedited LoanProgram
SAN DIMAS, Calif. - (03/22/05) -- In a switch, top officials with theU.S. Small Business Administration are scheduled to meet hereTuesday with as many as 65 area credit union executives to lobbythem to participate in the SBA's Express Loan Program. The Expressprogram cuts through red tape and expedites the approval processbut only guarantees 50% of the loan, as opposed to the 75%guaranteed under the traditional 7 (a) program. SBA AdministratorHector Barreto, and the regional director are expected to urgecredit unions to both seek SBA certification and to expand theirSBA lending at the meeting, to be held at WesCorp FCU, according toWalter Laskos, spokesman for the corporate giant. WesCorp and theCalifornia CU League are planning a conference in the coming monthswith SBA officials to explain the process for certification and theavailable SBA programs, Laskos told The Credit UnionJournal.