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Vice Chairman Hood Represents NCUA at Swearing In of SBA Administrator Steven C. Preston  

Alexandria, Va., July 26, 2006 -- National Credit Union Administration Vice Chairman Rodney Hood was on hand today at the U.S. Small Business Administration (SBA) as Vice President Dick Cheney administered the oath of office to new SBA Administrator Steven C. Preston. 

Nominated by President Bush, Preston is the 22nd Administrator of the SBA since the agency was established in 1953. He succeeds Hector V. Barreto, who took office on July 25, 2001.

Attending the ceremony on behalf of NCUA, Vice Chairman Hood congratulated Administrator Preston on his appointment and noted the important role SBA plays in the credit union community.  Hood noted Preston’s business and financial acumen will be an asset to SBA as it empowers America’s entrepreneurs with the resource to grow and expand their small businesses. 

Through March 2006, there were 2,645 loans outstanding with the SBA through approved credit union lenders. This figure encompasses $263,291,443 in loan guarantees. The average SBA loan approval amount was $99,543.   

“Thanks to the SBA, and its 7 (a) lending program, credit unions are being empowered to offer more small business loans to their members. Credit unions frequently hear from members who own small-businesses about the need for additional sources of capital. Federal agencies should look for ways to provide more, rather than fewer, options to the vitally important small business community, and NCUA is looking forward to continuing the productive relationship with new Administrator Preston at the Small Business Administration. Credit unions have a friend in Steven Preston.  NCUA looks forward to enhancing our relationship for the benefit of America’s credit union members in today’s growing economy.” Vice Chairman Hood commented.   

The National Credit Union Administration is the federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of 85 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA’s operation is funded by credit unions, not federal tax dollars.