Down, Not Out. Failure to Lift MBL Cap Reveals Lessons for Next Round
Did the credit union industry do enough to persuade legislators to include an amendment that would have raised the member business lending cap in a newly signed $30 billion small business lending law?
Depending on who you ask, hindsight seems to always be crystal clear. For Kent Moon, president/CEO of Member Business Lending LLC, credit unions did as much as they could but in the end, may have stalled their efforts by keeping the focus internal.
Teresa Halleck recently took the helm as president/CEO of the $5 billion San Diego County Credit Union, which offers business loans. She said hearing more stories from small business owners on how credit unions have helped communities create more jobs would help all consumers better understand the benefits cooperatives bring to the market.
"Small businesses need access to competitive loan funding sources to grow and succeed, and credit unions should be empowered to fulfill this community need," Halleck said."The artificially imposed MBL cap restricts the industry's ability to be a strong community catalyst for economic recovery and jobs growth, and impacts credit union profitability, flexibility and strength."