Sen. Susan Collins (R-Maine) has become the first member of her party to sign on as a co-sponsor of an amendment by Sen. Mark Udall (D-Colo.) that would raise the cap of 12.25% of assets to up to 27.5% of assets.
Collins is the ninth co-sponsor of the amendment. Sen. Al Franken (D-Minn.) also signed on last week, according to Udall's office.
"This legislation would allow credit unions to offer more credit to their small business members, thus helping small businesses in Maine, and around the country, to save and create new jobs. Small businesses are the backbone of our nation's economy, and extending much-needed access to credit is especially critical during this economic downturn," Collins said in a statement.
The amendment would be added to a small business lending bill that the Senate is likely to take up this week. However, it's not clear whether Senate Majority Leader Harry Reid (D-Nev.), one of the co-sponsors, will allow Udall's amendment to be brought up.
