Credit unions would have the chance to do more business lending as a result of a bill that is being debated and is expected to pass by the House today.
The bill would assist small lenders that are not part of the SBA's preferred lending program.
It would also simplify the application process for the business loan program created by the stimulus bill passed by Congress earlier this year and raise the maximum amount of each loan from $35,000 to $50,000. In addition, the bill would extend the elimination of borrowers' fees on certain loans until the end of 2011.
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CUNA and NAFCU both advocated for the bill.
"A number of small businesses who have lost important lines of credit from other lenders are increasingly turning to credit unions for the capital that they need. As more small business begin to look to credit unions for their lending needs, it is imperative that the industry takes steps to ensure it is well situated to meet the increased demand," NAFCU President/CEO Fred Becker wrote lawmakers.
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