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Indiana league Businesses need access to credit
INDIANAPOLIS (5/25/11)--U.S. businesses need more access to credit, and credit unions are poised to help them out, the Indiana Credit Union League told IBJNEWS Sunday. Not only do businesses need more credit, they also need more options to find the best rates possible, John McKenzie, president of the league, told the publication. Credit unions are ready and able to provide more member business lending (MBL) that businesses are asking for, McKenzie added. The Credit Union National Association (CUNA) and credit unions are trying to get Congress to increase credit unions’ MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA has said. About 10 Indiana credit unions do roughly half the state’s credit union lending, and most of those credit unions are approaching the cap, McKenzie told IBJNEWS. The article also mentioned Forum CU, Indianapolis, and how it almost bumped the MBL cap two years ago. To read the article, use the link.
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