Only in Vegas would credit unions get such a two-for-one deal.
NCUA Chairman JoAnn Johnson was discussing the agency's efforts to make it easier for credit unions to engage in member business loans and referred to how CUs can partner up with the Small Business Administration on its guaranteed loan program-and that's when there was a call from the audience. "I'd like to say something about that, JoAnn," said SBA Administrator Hector Barreto, in a surprise appearance at NAFCU's 38th Annual Meeting.
Barreto had not been expected to attend, but when his schedule happened to clear up at the last minute, NAFCU was thrilled to be able to feature him, and he followed Johnson onto the stage to discuss how credit unions are helping SBA reach out to a more diverse and larger group of small businesses than ever before.
Just a few years ago, Barreto noted, the average SBA loan was $112,000, but today, in part due to credit union's participation in the program, the average size of the loan is now down to $50,000.
That means credit unions are helping SBA reach out to even smaller businesses.
