Credit unions are essential to a thriving small-business economy through support of entrepreneurs and job creation, U.S. Small Business Administration (SBA) Administrator Kelly Loeffler told Governmental Affairs Conference attendees Wednesday.

Loeffler gained an appreciation for credit unions long before her business career. She volunteered at one in college and later joined the credit union at her first corporate job.

“I understand firsthand your value, and it far exceeds monetary. You help build a sense of community in so many places,” she said. 

Loeffler said credit unions serve more than 11 million of the nation’s 34 million small businesses in the U.S.

“This administration wants to expand that reach, ensuring capital gets into the hands of more people working with their trusted partner, and that’s you,” she said. “Last year credit unions loaned nearly $830 million under our core 7(a) loan programs.”

She said her day-one priorities at the SBA are eliminating wasteful spending and fraud and leveling the playing field for small businesses.

“In collaboration with other agencies, small businesses, and partners like you, I know we’re going to revive the American dream on Main Street,” she said.