WASHINGTON — Credit unions told members of Congress on Wednesdaythat raising the member business lending cap will spur jobgrowth.
|According to credit union executives that attended this year'sGovernmental Affairs Conference, that claim is more than justpolitical strategy.
|Laura Illig, vice president of marketing at the $900 millionSELCO Community Credit Union, said her Eugene, Ore., cooperativehas turned members away because of current member business lendinglimits.
|“We have small business owners come to us all the time becausethe banks have turned them down,” she said, “and then we also haveto turn them down because of the cap.”
|Illig said her contingency will share the story of a new hotelSELCO funded through loan participations, the only way it was ableto do so. The hotel was the first for Eugene in 30 years, and Illigestimates it has brought 75 to 100 new jobs to the city, inaddition to new tourist dollars.
|Jackie Cleghorn, director on the board of the $1.4 billionRobins FCU in Warner Robins, Ga., said it also is at itsmember business lending limit. Cleghorn said he doesn't know if hiscredit union has had to turn away members due to the cap, but thatlifting the cap would allow Robins to support local economicgrowth.
|Pending legislation to boost the MBL cap was a consistent themeat this year's GAC.
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