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| Updated SBA size standards would increase Credit Union opportunities |
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The Small Business Administration’s proposal on small business size standards would make several positive changes for credit unions. In comments filed with the SBA Monday, America’s Credit Unions noted the proposal will expand the number of businesses eligible for SBA programs, increase opportunities for credit unions to participate in SBA lending and better align SBA's framework with current economic conditions and market realities.
The proposal would also raise the asset threshold to determine small business status for credit unions to $5.031 billion (up from the current $850 million). SBA estimates this change would bring an additional 429 credit unions within the small business definition, for a total of 4,471 credit unions eligible to provide federal small business assistance as SBA lenders.
America’s Credit Unions supports the proposal because it would:
• Result in approximately 114,000 additional businesses qualifying as small entities, creating new opportunities for credit unions to support those firms through SBA lending programs;
• Reduce administrative complexity by simplifying SBA's size standard framework; and
• Expand the pool of credit unions eligible to serve as small entity representatives and provide input during Small Business Regulatory Enforcement Fairness Act (SBREFA) panels.
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