WASHINGTON (3/15/12)--A coalition of business groups have joined the Credit Union National Association (CUNA) to urge Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.) to include the Small Business Lending Enhancement Act (S. 509) as part of the jobs legislation the Senate is expected to consider soon.
CUNA and various small business partners in a letter noted that S. 509 would increase the current 12.25% of assets credit union member business lending cap to 27.5% of assets, allowing credit unions to lend $13 billion to small businesses. This extra capital would help create over 140,000 new jobs, at no cost to taxpayers, the letter adds.
It is critically important that small businesses have the access to credit needed to take part in the continuing economic recovery, the letter said, adding that S. 509 and a similar bill, H.R. 1418, enjoy bipartisan support and are "precisely the type[s] of legislation that Congress should enact to encourage greater business lending in communities across the country."
The letter is co-signed by the National Council of Textile Organizations, the American Small Business Chamber of Commerce, the National Farmers Union, the National Association of Realtors, the Realtors Land Institute, the Small Business Majority, the Society of Industrial and Office Realtors, the CCIM Institute, Americans for Tax Reform, the American Consumer Institute, the Hardwood Federation, the Institute of Real Estate Management, NCB Capital Impact MultiFunding, the National Association of Home Builders, the National Association of Professional Insurance Agents, AMT--The Association for Manufacturing Technology, the U.S. Women's Chamber of Commerce, and the Heartland Institute.
This letter was sent days before 4,000-plus credit union advocates from across the country are expected to travel to Washington, D.C. for CUNA's 2012 Governmental Affairs Conference. These credit union representatives will be making trips to every federal lawmakers' office to discuss credit union legislative priorities, including MBLs, increasing access to supplemental capital, and regulatory burdens.