In 2011, credit unions granted nearly $12 billion in member business loans, setting a new record high, based on fourth-quarter data from the NCUA, NAFCU reported Thursday.
The news comes during National Small Business Week, which marks the achievements of small businesses in helping to create jobs and aid the economy.
NAFCU President/CEO Fred Becker said the record is a noteworthy milestone considering that credit unions have provided nearly double the amount of funds to small business that Bank of America claims to have done in their new ad campaign.
While credit unions would like to do more to help their small business members, the current 12.25% cap on MBLs has limited lending efforts, NAFCU said.
NAFCU, CUNA and others are advocating for passage of the Small Business Lending Enhancement Act (S. 2231/H.R. 1418), which would raise the cap to 27.5% of assets.
Meanwhile, Sen. Mark Udall (D-Colo.) marked National Small Business Week as well by recognizing Colorado’s small businesses.
“I will continue to work with my colleagues to foster a business environment that supports entrepreneurship and innovation, from passing production tax credits that prop up a burgeoning wind energy sector to raising an arbitrary cap on credit union lending to give Main Street businesses access to capital,” Udall said in a statement.