WASHINGTON — Greylock Federal Credit Union Senior Vice President of Business Banking Don Kuczarski told the House Small Business Committee that restoring SBA funding was important to credit unions' business offerings.
Testifying on behalf of CUNA, Kuczarski acknowledged Committee Chairwoman Nydia Vel??zquez's (D-N.Y.) introduction of the Credit Union Small Business Lending Act (H.R. 1849) and her support of credit union participation in SBA's programs. He explained that Greylock has helped turnaround the economy of Western Massachusetts by focusing on business loans between $10,000 and $200,000.
"Many of these loans, due to their higher risk profile, would not have been made without the assistance of the SBA," he told the committee. Greylock has been offering SBA 7(a) loans since 2001 and in 2006 was named to the Preferred Lender Program, which is a real time saver by skipping regional office submission. However, increased fees and lowered funding has made participation in the program less appealing for lenders and borrowers.
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