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CU System
Gillibrand at CU to promote MBL bill
CHEEKTOWAGA, N.Y. (5/4/10)--U.S. Sen. Kirsten Gillibrand (D-N.Y.) promoted increasing access to credit union loans by promoting the Small Business Lending Enhancement Act during an appearance with credit unions Sunday at Cheektowaga (N.Y.) Community FCU. The bipartisan legislation would spur small business growth and create jobs by increasing access to loans from credit unions, she said (BIGNEWS.BIZ May 2). The bill would raise credit unions' member business lending cap to 25% from 12.25%. "This commonsense legislation would free up lending at not-for-profit credit unions in every corner of America to small businesses," said Gillibrand in a press release. Also speaking at the event was Michael S. Vadala, president/CEO of The Summit CU, Rochester, N.Y. "Here in upstate New York, many of the large businesses that used to fuel our economy are gone, and it will be the success of the small business that determines our future," Vadala said. "Adding credit unions as a funding source is critically important to those businesses that are too small to be considered for loans from larger commercial banks." The press released noted the Credit Union National Association (CUNA) reported the legislation would create more than 7,000 jobs in New York without government expenditures and repeated CUNA's estimates that raising the limit would increase small business lending by $10 billion in the first year of enactment and generate more than 100,000 new jobs nationwide. For the full story, use the link.
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