While banks are still needed to help bolster the economy, in the meantime, credit unions have much to offer the small business sector, wrote David Adams, president/CEO of the Michigan Credit Union League, in a Sept. 8 op-ed.
Adams was writing in the context of helping small businesses and advocating for an increase in the member business lending cap from 12.25% to 27.5% of assets, according to an op-ed on freep.com. He called on Congress to pass legislation that would make the new cap possible.
"We all hope that banks return to full strength soon because our economy needs a strong banking sector. In the meantime, credit unions offer a viable alternative for small businesses," Adams wrote. "It has been particularly tough to get loans. But credit unions are in a unique position to make loans to help small businesses turn things around."
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