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CU System
Gerlach touts small biz legislation
READING, Pa. (8/27/10)--Small businesses create most jobs, and legislation should be enacted to allow them to grow, U.S. Rep. Jim Gerlach (R-Pa.) told attendees at a town hall meeting Wednesday in Wyomissing, Pa. Gerlach is a co-sponsor of the Small Business Assistance Relief Act, according to Reading (Pa.) Eagle (Aug. 26). He met with 25 members of the Greater Reading Chamber of Commerce and Industry, noting the act would make it easier for small businesses to obtain credit. Edwin L. Williams, CEO of Discovery FCU, Wyomissing, and a board member of the Credit Union National Association (CUNA), told Gerlach that CUNA is backing legislation that would enable credit unions to lend more money to small businesses. The legislation would increase credit unions' member business lending cap to 27.5% from 12.25% of assets, he said. Gerlach noted that credit unions have a good record for supporting small businesses, but banks likely would oppose efforts to expand credit unions' lending ability. The ideal solution, he said, would be to find ways to help both, the newspaper reported.
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