U.S. Rep. Scott Garrett (R-N.J.), left, meets with small-business leaders at a meeting held Friday at Greater Alliance FCU in Paramus, N.J. (Photo provided by the New Jersey Credit Union League)
PARAMUS, N.J. (3/26/12)--U.S. Rep. Scott Garrett (R-N.J.) met with small-business leaders Friday at Greater Alliance FCU in Paramus, N.J. to learn about issues facing small businesses.
Patrick McGrath, Greater Alliance president/CEO, welcomed Garret. Small-business leaders attending said they are concerned about access to credit and about growing regulatory burdens (The Daily Exchange
Paul Gentile, president/CEO of the New Jersey Credit Union League, told Garret and the group raising the member business lending cap (MBL) would accentuate the issues small businesses face in getting access to credit.
"Congressman Garrett is well aware that raising the MBL cap would open up $13 billion in capital for small businesses and create more than 100,000 jobs," Gentile said. "New Jersey's credit unions want to help small businesses like those in the room today grow their business. Raising the MBL cap will help do that."
The Credit Union National Association (CUNA) and credit unions are asking Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.