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Mich. Ohio league presidents keep MBL drive in media
MADISON, Wis. (9/13/10)--The presidents of the Michigan and Ohio credit union leagues recently wrote in support of credit unions’ member business lending (MBL) in letters to newspapers. “Small businesses, the lifeblood of job growth in Michigan and across the country, are being squeezed from all directions,” David Adams, president/CEO of the Michigan Credit Union League, wrote in a Wednesday letter to the Detroit Free Press. “It has been particularly tough to get loans. But credit unions are in a unique position to make loans to help small businesses turn things around.” Pending legislation in Congress would allow credit unions to “lend more than $10 billion, and could create more than 100,000 jobs,” Adams added. “The bill would allow credit unions to lend as much as 27.5% of its assets, compared with a current cap of 12.25%. Further, there is no cost to taxpayers if this authority is granted. “Building a new, vibrant Michigan will take cooperation from public and private sectors, but the most important factor is small-business growth,” Adams wrote. “Credit unions can't meet all the business borrowing needs of our economy, but we can be an important resource, especially for the small-business community.” Increasing credit unions’ MBL can boost job growth in Ohio, wrote Paul L. Mercer, president of the Ohio Credit Union League, in a Friday letter to the Chillicothe Gazette. “The opportunity to pump $225 million into Ohio small businesses and create more than 2,400 new Ohio jobs--with no cost to taxpayers--rests in the hands of the U.S. Senate,” Mercer wrote. “The ability to increase lending during turbulent economic times is thanks to excellent stewardship and vigilance by Ohio credit union leaders,” he added. “The average delinquency ratio at an Ohio credit union is 1.36%, far below that of Ohio banks. “Let's give small businesses a leg-up and spur job growth in our state.” he concluded. “… It is a small-business stimulus package that doesn’t cost Ohio taxpayers a cent.” To read the letters, use the links.
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