NSBA Urges Congress to Increase Credit Union LendingNovember 13, 2012
NSBA is encouraging Senators to support the pro-growth, pro-jobs Small Business Lending Enhancement Act (S. 2231). If enacted, this bill would increase the arbitrary 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, making it easier for small business owners to obtain the financing they need. This bill is expected to inject billions of dollars in new capital into the economy and create an estimated 140,000 jobs in the first year alone, all at no cost to the American taxpayer.
Small businesses continue to struggle to find affordable and adequate financing. According to NSBA’s 2012 Small Business Access to Capital Survey, nearly half (43 percent) of all respondents said that, in the last four years, they needed funding but were unable to find anyone to lend to them. Of those struggling to secure financing, 53 percent said that a failure to do so would directly affect the growth of their business, 32 percent said that they would have to reduce their number of employees, and 20 percent said that they would have to cut employee benefits.
NSBA is urging all small-business owners to take a minute to send a letter to their Senators encouraging them to support S. 2231 and small-business access to capital.