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.''
The trade associations' leaders addressed their letters to the chairman and ranking Democrat on the House Small Business Committee. The panel, which held a hearing Wednesday on small business job creation, doesn't have jurisdiction over the legislation. However, Becker and Cheney urged lawmakers to cosponsor the measure, which would raise the cap on MBLs to as much as 27.5% of assets.
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