Saying that it would be "another important step in increasing access to capital for our nation's small businesses in these uncertain times,'' NAFCU urged members of the Senate leadership and Small Business Committee to take up a measure to increase the cap on member business loans.
NAFCU Executive Vice President Dan Berger wrote that raising the cap would help spur job creation, which is a "bipartisan issue on the mind of each and every elected official.''
NAFCU and CUNA are pushing legislation that would raise the cap on MBLs from 12.25% of assets to as much as 37.5% of assets. While the groups are trying to get lawmakers to consider the measure during the lame duck session that runs through early December, there may be more opportunities in the Congress that convenes in January.
Berger wrote that the current cap is "arbitrary and outdated.''