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Texas CUs to send e-mail urging lifting of MBL cap
FARMERS BRANCH, Texas (4/26/10)--The Texas Association of Business (TAB) Thursday asked leaders of Texas credit unions that offer member business loans (MBLs) to send an e-mail to their small business members, urging them to sign onto an open letter by promoting more small business lending. TAB, which is the Texas state Chamber of Commerce representing more than 140,000 businesses, held a press conference Thursday in Austin calling for doubling the cap on member business lending at credit unions to 25% of total assets. The letter asks U.S. Sens. Kay Bailey Hutchison (R-Texas) and John Cornyn (R-Texas) for their support of credit union member business lending and S. 2919, legislation that would raise the cap on MBLs (LoneStar Leaguer April 23). The congressional measure would free up $10 billion nationally for small business lending to credit union members, including $575 million in Texas, where more than 6,000 new jobs would be created as a result of its passage, said TAB President Bill Hammond. The proposal to double the member business lending cap would engender an additional 108,000 jobs or more nationwide, Hammond added. “Small business and free enterprise form the backbone of our nation,” Hammond said. “It’s time we tipped our hat to the men and women [who are] small-business owners across our state and nation, and gave them the access they need to capital to grow their business, hire more workers and put this country back on the right track.” TAB is contacting its members on the issue, driving potentially hundreds of small businesses to sign the open letter calling for change on MBLs, said the Texas Credit Union League (TCUL). TAB will later present the letter in person to Texas’ senators, with thousands of signatures from small businesses in support of raising the MBL cap. Credit unions are urged to forward the TAB website link containing the open letter to their MBL recipients, TCUL said.
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