SCOTTSDALE, Ariz. — NCUA will continue providing a regulatory framework that gives credit unions the flexibility to help small businesses, NCUA Vice Chairman Rodney Hood recently said.
Hood was the keynote speaker at WesCorp and Business Partners LLC's Participation & Business Lending Symposium held last week. The conference, themed, "Think Big," focused upon the other side of the profitable equation and addressed issues regarding business real estate, small business and Small Business Administration lending as well as economic trends and their impact on credit unions.
Hood pointed out that the timing of this conference was important as it strategically coincided with National Small Business Week.
Recommended For You
"This conference is an important time to honor small business owners and workers for their important role in ensuring that America remains the economic leader of the world," Hood said. "As your regulator, it is my priority to provide you with a regulatory framework whereby you have the flexibility and empowerment to provide affordable capital to your member-owners."
Hood announced that he will be hosting a Webinar to assist rural credit unions in receiving member business loan guarantees from the United States Department of Agriculture.
"Every day, our nation's small businesses help enhance the lives of our citizens and clearly lead the way in an economy distinguished by low unemployment, sustained job creation, and one of the fastest growth rates of any major industrialized nation," Hood said.
Since August of 2003, more than a million jobs have been created. Small business owners account for nearly half of America's employment by creating two out of every three new jobs, Hood said, who applauded President Bush's commitment to "fostering a regulatory environment that allows entrepreneurs to thrive and encouraged credit unions to continue member business lending."
"I encourage credit unions to continue providing innovative member business lending products which help member-owners establish viable businesses that create jobs and sustain local communities," Hood said.
Recognizing that many credit unions do not have the necessary infrastructure to take full advantage of member business lending, Hood expressed his excitement about those leading the way.
"Proven leaders such as you have provided the credit union system with best practices and the mechanisms they need to provide member business lending opportunities and to help them mitigate risks through balance sheet diversification."
Stressing his own dedication, Hood said, "I am committed to working with you to assess the barriers to credit unions participating in this product segment. A symposia such as this will allow us all to roll up our sleeves and develop best practices that can be shared with the credit union system." In closing, the vice chairman spoke optimistically about the role that credit unions can play in spurring the economic growth and development through sound member business lending. "Recent studies reveal that seven out of 10 small business owners today start out with capital less than $20,000 and 70 of the fastest growing companies in America started with less than $1,000–all funded by the SBA, such as America Online, FedEx, Intel," Hood said. "That to me is the American dream in action and I am thrilled to have an opportunity to work with you in helping over 89 million credit union member-owners live their dreams." –[email protected]
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
