CUNA to offer 'next step' in CU business lending.The Credit Union National Association (CUNA Cuna Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. ) is launching a pilot program to help credit unions take the "next step" in benefiting from the Small Business Administration's (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) decision giving all credit unions eligibility for its guaranteed business loans. The pilot program, CUNA Member Business Services, works with a strategic alliance of experienced organizations dedicated to business lending, as well as CUNA's own professional development programs. CUNA Member Business Services is aimed at easing credit union participation in the SBA's 7(a) guaranteed lending program, as well as traditional member business lending through a range of service options, consulting and training. "There is in credit unions a great, untapped potential for America's small business community," said CUNA President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Daniel A. Mica Daniel Andrew Mica (born February 4, 1944 in Binghamton, New York, United States) is a Democratic politician, former US Representative from Florida's 11th district, and the President and Chief Executive Officer of the Credit Union National Association. in announcing the program at the CUNA Government Affairs Conference in Washington, D.C. "Thousands, if not millions, of credit union members are operating their own small enterprises. They already know the fabulous service they receive from their credit unions for their financial needs as consumers. Through CUNA Member Business Services, they will have the potential for receiving that same high level of ministration for many of their small business financing needs." The pilot program has a number of key aspects to it, including: * Credit unions that desire a "turnkey See turnkey system. " program assisting them in quick and efficient business lending involvement can do so through a alliance CUNA has struck with NewTek Small Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Using the resources of NewTek, the alliance is designed to assist credit unions in seamlessly becoming involved in the SBA's guaranteed loan program. Among the services offered through the relationship are loan underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , participations, approval, servicing, funding and liquidations. NewTek is an American Stock Exchange-traded firm; its president is John Cox, a former top-ranking SBA official with more than 20 years experience with the agency. * Credit unions seeking to work directly with the SBA to establish their own in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. 7(a) guaranteed loan program can do so through CUNA's relationship with J.R. Bruno and Associates of Glendora, Calif. Through this relationship, J.R. Bruno offers to credit unions onsite consulting and program development for business lending. * In March, CUNA's Center for Professional Development (CPD CPD citrate phosphate dextrose; see anticoagulant citrate phosphate dextrose solution, under solution. Cephalopelvic disproportion (CPD) ) will again offer another round comprehensive education and training on business lending and services that will include seminars, workshops and Internet-based "webinars." These sessions will focus on all key issues related to SBA- and traditional member-business lending. Among the topics: regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for SBA and member business lending; efficient operational strategies for member business lending; best practices, and; marketing to members with businesses within a credit union's field of membership. "There remain some aspects of the program that must still be ironed out," Mica said, "which is why we are embarking on this pilot. However, we are very hopeful that the pilot will lead us to a full-time program for credit unions within the very near future." CUNA leader Mica additionally pointed out that CUNA Member Business Services will be available to all credit unions across the country once the pilot program has been successfully concluded. "Becoming involved in CUNA Member Business Services for credit unions will be only limited by credit unions' level of interest in offering member business loans to their members," Mica said. "But we see great potential for credit union members, credit unions themselves and the nation's small business community through this program. Working together, we think this program will ultimately go a long way to strengthening credit unions by offering them a new channel for extending credit, offering a vibrant new source of credit for small businesses, and helping more credit union members achieve their dreams of financial prosperity." With its network of affiliated state credit union leagues A credit union league (League) is a United States state-level trade association for credit unions, which are non-profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association (CUNA). , the Credit Union National Association serves more than 90 percent of America's 10,000 credit unions, which are owned by more than 83 million consumer members. Credit unions are not-for-profit cooperatives where people are worth more than money. For more information, visit. |
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