Support Increased Credit Union LendingDecember 12, 2012
Small-business owners continue to face significant challenges when trying to obtain financing. According to NSBA’s 2012 Access to Capital Survey, nearly half (43 percent) of respondents said that they were unable to obtain adequate financing over the last four years. Further, this failure to secure financing caused many of these businesses to decrease their workforce, reduce employee benefits, and fail to meet existing demand.
According to the same survey, credit unions received the second most favorable rating in terms of which lending institution they think best serves the small-business community. For this reason, among many others, NSBA supports increasing the statutory lending cap for credit union member business lending from the current 12.25 percent to 27.5 percent of the total assets of the credit union. This increase in access to capital will make it easier for America’s small business community to obtain the financing they need to expand their firms, hire new employees, and maintain long-term economic growth.
Please take a minute today and send a letter to your Senators and Representative encouraging them to support an increase in the statutory lending cap for credit unions.
For updates on this bill, please follow us on Twitter at @NSBAAdvocate or follow @CUsforMBL. You can also search for the hashtag #raiseMBLcap.