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CUNA to testify on small business access to capital
WASHINGTON (6/5/09)—The House Small Business Committee has announced a June 10 hearing to explore the role of the Small Business Administration’s (SBA) financing programs in providing access to capital for small businesses. Additionally, the committee intends to examine better ways to achieve the SBA mission of providing small businesses with an ability to access capital in the current economic environment. The hearing is titled “Laying the Groundwork for Economic Recovery: Expanding Small Business Access to Capital.” Roger Heacock, president/CEO of Black Hills FCU, Rapid City, S.D., is scheduled to testify on behalf of the Credit Union National Association (CUNA). In May 2009, Black Hills FCU received the District Director’s Leadership Award from the South Dakota SBA. The credit union wrote more SBA loans in the state than any other financial institution during 2008—2009 loans for a total of just over $1.6 million, an average of $56,703 per loan. CUNA has worked closely with the SBA to address barriers that credit union involvement. Some credit unions find the SBA fees prohibitive and the application process unnecessarily complex. Also, the current statutory 12.25%-of-assets member business lending cap can deter some credit unions from more extensive involvement in SBA guaranteed lending through such programs as SBA’s 7 (a) and 504.
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