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Sen. Udall Help Main St. lift MBL cap
WASHINGTON (1/27/10)--Sen. Mark Udall (Colo.) last week reiterated his support for “unleashing the power of loans to small businesses” by raising the cap on member business lending (MBL) for credit unions. Speaking at a small salon in Thornton, Colo., Udall said that his S. 2919, which would increase the current MBL cap from 12.25% of total assets to 25% of total assets and increase the de minimis amount of a credit union business loan to $250,000, was “all about helping Main Street, not Wall Street.” Congress has “loaned a lot of money to Wall Street and to the big banks,” and Udall said that it is “now time to loan money in every way possible to small businesspeople and families and those who really put it to use.”
Click to view larger image From left: John Burke, president, Westminster FCU, Sen. Mark Udall (D-Colo.), Stacy Hamon, owner, 1st Street Salon, and John Dill, president/CEO, Credit Union Associations of Colorado and Wyoming. (Credit Union Associations of Colorado and Wyoming Photo)
Stacy Harmon, the salon owner whose salon business has grown exponentially since she secured a credit union loan, John Burke, President of Westminster FCU, and Credit Union Associations of Colorado & Wyoming President/CEO John Dill also attended the press conference. Udall cited Credit Union National Association (CUNA) predictions that lifting the MBL cap would result in $10 billion in new loans to small businesses and create as many as 108,000 new jobs, and estimated that raising the cap would allow Colorado-based credit unions to provide $200 million in loans to small businesses in Colorado, creating around 2,000 new jobs. The MBL cap lift would provide this funding at no cost to taxpayers, according to CUNA. Udall will be one of many high profile speakers at CUNA’s Governmental Affairs Conference (GAC) which will take place in Washington, D.C. from Feb. 21-25. For more on the GAC, use the resource link.
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