first_imgFor nearly 100 years, credit unions have provided credit in good times and bad to their members, including those who own small businesses. Credit unions’ support included providing small business loans during the recent financial crisis when banks dropped the business lending ball. But credit unions’ ability to support those members is jeopardized unless the U.S. Congress passes H.R. 1188, the Credit Union Small Business Jobs Act, CUNA told a key House subcommittee Tuesday.The House Financial Services subcommittee on capital markets and government-sponsored enterprises subcommittee held a hearing Tuesday on “Legislative Proposals to Modernize Business Development Companies and Expand Investment Opportunities, H.R. 2187, the Fair Investment Opportunities for Professional Experts Act and the Small Business Credit Availability Act.”In a letter submitted for the hearing record, CUNA President/CEO Jim Nussle urged the subcommittee to bear in mind the role credit unions play in our nation’s economy, in good times and bad.” The letter was addressed to subcommittee Chair Scott Garrett (R-N.J.) and subcommittee ranking member Carolyn Maloney (D-N.Y.).Nussle’s letter included a chart comparing credit union loans to those made by banks during the Great Recession. “Credit unions were there for small businesses” when banks pulled back their business lending, “but if the Credit Union Small Business Jobs Act (H.R. 1188) is not enacted, the credit unions with experience and capacity to help small businesses will not be able to be there during the next crisis,” he wrote. continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

With 100 years’ experience, credit unions look to continue support for small biz

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