WASHINGTON (11/28/12)--The Progressive Policy Institute (PPI), a Washington, D.C.-based think tank, is "blasting" Capitol Hill with a blog post that underscores PPI's position that increased member business lending authority for credit unions would "unleash billions to the smallest small businesses (50 employees or less) and allow new growth and hiring opportunities with no taxpayer assistance."
The PPI blog post notes that the recent three big-retail designated shopping days--"Black Friday," "Small Business Saturday," and "Cyber Monday"--all saw an increase in sales, which the blogger Jason Gold called "a good sign of consumer optimism heading into December."
That's good, Gold wrote, but added, "(A) big part of successfully growing their business is to have adequate access to financing. But 'tight credit' and 'small business' have been tied together by politicians and pundits as headwinds to economic recovery."
Gold drives his blog readers on Capitol Hill and elsewhere to a 2012 study by Brian Martin, "The Credit Gap: Easing the Squeeze on the Smallest Business." PPI said it was spotlighting Martin's paper to urge the U.S. Congress to pass bi-partisan legislation in the House (H.R. 1418) and Senate (S. 2231) that would raise the MBL cap to 27.5% of assets for well-capitalized and experienced credit unions. The cap now sits at 12.25%.
The legislation could, PPI noted, provide up to $13 billion to small businesses in the first year after enactment alone and thereby create more than 140,000 new jobs at no cost to taxpayers.
See related News Now story: CUs, small biz reps rally on Capitol Hill for MBL vote.