A bipartisan consensus of economists has told us repeatedly that one of the keys to creating jobs is increasing small businesses' access to loans. Yet while the economy is inching
he Senate last Thursday passed pass a small business lending bill-which includes a $30 billion fund to encourage community
The Senate today passed a small business lending bill that includes a $30 billion fund to encourage community bank lending-but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
Iowa company Troy Elevator is familiar with starting a business during uncertain times, having gotten its start on the eve of the Great Depression
The Senate is expected to break its impasse on a small business lending bill--which includes a $30 billion fund to encourage community bank lending--but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.
Shunned by its bank, an 82-year old Iowa grain elevator company was saved from closing its doors for good thanks to a loan from a credit union.
The next time President Obama discusses ways to stimulate business lending he would "provide a critical boost" to credit unions by urging a raise in the cap on member business lending.
NAFCU reminded credit unions they should contact both senators and U.S. House representatives over the congressional break to gather support for increasing the member business lending cap.