Small Biz Chair Introduces CU Business Lending Bill that Eases Credit Unions' Use Of SBA Programs

WASHINGTON — Legislation was introduced in the House just prior to the congressional spring recess to expand credit union business lending authorities while making it easier for credit unions to participate in SBA guarantee programs.

House Small Business Committee Chair Nydia Vel?zquez (D-N.Y.) introduced the Credit Union Small Business Lending Act (H.R. 1849) March 29 to help credit unions’ business lending endeavors. “Entrepreneurs must have access to capital to invest in their businesses and create jobs,” Vel?zquez said. “By expanding the number of lenders supplying low-cost, low-interest rate loans to small businesses owners, we can help make sure access to capital programs are reaching entrepreneurs in communities across the country.”