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Trades Cite Business Demand in Push for Legislation to Hike the MBL Cap

CUNA letter cites survey showing that 60% of small businesses cite lack of credit as a serious problem; NAFCU says 12.25% cap hinders local lenders.

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Citing polling data that showed more than 60% of small business owners reported lack of available credit as a serious problem, CUNA President/CEO Bill Cheney wrote lawmakers that raising the cap on member business loans would “help small businesses and the economy recover.’’

NAFCU President/CEO Fred Becker wrote that the current cap of 12.25% “continues to hinder the ability of local lenders to help lift small businesses out of the worst financial crisis since the Great Depression.’’

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