A group representing Michigan businesses sent a letter to Congress to support efforts to increase credit unions’ ability to lend money for small business projects.
The Small Business Association of Michigan’s letter, dated Nov. 26, says that increasing authority for credit unions to lend will help the state’s small businesses grow and create jobs.
“Michigan, we believe, is in the midst of an economic comeback and small businesses across the state are poised for growth,” SBAM President and CEO Rob Fowler said. “By securing the financing they need, small-business owners will be better equipped to invest in job growth and expand their business.”
Congress is considering a bill that would raise the cap on credit union member business lending from 12.25% to 27.5% of assets. Fowler said approval of S. 2231 would unlock nearly $600 million in capital during the first year alone.
“It is imperative that Congress increase credit unions’ small-business lending cap,” Fowler said.
“Michigan’s small-business community continues to endure the worst of our nation’s credit crunch. Increasing access to capital for our members remains one of the Small Business Association of Michigan’s top issues.”
Click here to read SBAM's letter.