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CU System
IAPI circulating IDenver PostI item on battle to lift MBL cap
DENVER (6/7/10)--An article in The Denver Post Friday about credit unions' efforts in Congress to lift their member business lending cap to 25% of assets from 12.25% has been picked up by the Associated Press and is circulating the country. The item has appeared in The Daily Times in Farmington, N.M., on Syracuse.com in Syracuse, N.Y.; NJ.com in New Jersey; as well as in Alabama.com and Mississippi Press. The article reports estimates from the Credit Union National Association (CUNA) that lifting the cap would create more than 100,000 jobs and increase small-business lending by $10 billion within a year. "We feel like this is the first time since the cap was put in place that we have an opportunity to get something done," Pete Kirchhof, interim CEO of the Credit Union Association of Colorado, said in the article. "All the right people are saying the right things, but we have to just wait and see what happens." The article also reports that Stacy Hamon, a salon owner, and her husband Bob received a $25,000 loan from Westminster (Colo.) FCU in 2006 to expand their business after three banks turned them down. "The credit union stepped in and took a chance on us when no one else would," Hamon said. "They saved us. As small as we were, I don't think we could have kept the doors open with everything going on during the last two years."
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