The impact of 22 of TARP banks slashing their business lending programs further opens of a window of opportunity for North Carolina credit unions, Sen. Kay Hagan (D-N.C.) said yesterday.
Speaking to Credit Union Times shortly after a job creations roundtable held in Winston-Salem, N.C., Hagan said with unemployment at 11% in the Tar Heel state, "it's all about jobs, jobs, jobs."
"Twenty-two of the TARP banks have cut business lending to the tune of $10.5 billion over the last six months." Hagan said. "At the same time, in the last three months, the SBA has increased small business lending to $3.8 billion."
Hagan said the roundtable, attended by small business owners and representatives from Truliant Federal Credit Union, Local Government Federal Credit Union and the North Carolina Credit Union League, presented diverse perspectives. As an advocate of CUs expanding their member business lending authority, Hagan said she learned even more how the cooperatives can help businesses continue to operate in a down economy.
The next step is to take the roundtable discussions back to Washington when Congress returns to work Jan. 19.
"We want to see how the federal government can help unfreeze credit so that small businesses can have the opportunity to avail themselves to access," Hagan said.