With several new economy recovery initiatives on the table, CUNA has once again urged Pres. Obama to consider how credit unions can aid small businesses.
In a Sept. 3 letter to Obama, CUNA President/CEO Dan Cheney applauded the White House's objectives to "do everything we can" to help small businesses and in turn, boost the economy. Cheney cited Treasury Secretary Timothy Geithner's support for increasing the member business lending cap and encouraged Obama's administration to include such language in the next package of legislative proposals addressing the economy.
Cheney pointed back to what may happen if the MBL cap were raised from 12.25% to 27.5% of assets, which would result an estimated additional $10 billion in new lending to small businesses in the first year after the cap's implementation and the creation of more than 100,000 new jobs.
Obama proposed several new measures over the weekend to aid the stalled economy including tax breaks that would allow businesses to write off 100% of new capital investments through 2011.