From Alabama to Wisconsin, members are putting a face on how credit unions have helped their businesses.
CUNA is featuring the business members in a new series of ads that have appeared in the Wall Street Journal. The trade association is encouraging Congress to support the Small Business
Lending Enhancement Act (S.509/H.R.1418), which would raise the member business lending cap from 12.25% of assets to 27.5%.
Among the business owners in the ads are Terry McDaniel of McDaniel Service in Florence, Ala., Cobblestone Auto Spa in Arizona, Drew and Marlene Parker of Separk Music in Winston-Salem, N.C., and Josh Duggan of Chem Dry in Madison, Wis.
Rodney Gray, of Wave Healthcare in San Antonio, is also in the ad. The Texas Credit Union League said Gray has been active in reaching out to both Texas senators, making the case for lifting the cap on member business loans. Gray received a business loan from the $4.4 billion Randolph-Brooks FCU in Live Oak, Texas.
“During some of the most challenging economic times in recent history, my credit union has given me access to capital for my business,” Gray said. “My personal experience was that my credit union said yes to me at a time when banking institutions were saying no.”
CUNA said with the assistance of Congress, credit unions are ready to extend $13 billion in new credit to members who operate small businesses. These new loans would create 140,000 new jobs at no cost to taxpayers, according to the trade group.