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League letter in Iowa paper Help CUs help biz
CEDAR RAPIDS, Iowa (5/10/10)--A letter in the Cedar Rapids Gazette last week from Iowa Credit Union League President/CEO Patrick Jury addresses member business lending (MBL) and appeals to Congress to "help credit unions help business." Congress' efforts in the bipartisan legislation "would support credit unions' ability to jump-start lending to small businesses by $10 billion in the coming year," at no cost to taxpayers, said Jury's letter (Gazette May 3). H.R. 3380, the Promoting Lending to America's Small Businesses Act, and S. 2919, the Small Business Lending Enhancement Act, would give the country's more than 8,000 credit unions more capacity to make small business loans to their members, Jury said. During the credit crunch, "Iowans are turning to credit unions for more of their lending needs. Last year, small business loans made by credit unions grew more than 17%. Iowa credit unions are in a position to do even more, allowing for greater capital expenditures, greater economic activity and job creation," the letter said. "However, as Iowa credit unions reach the 12.25% cap, they are forced to turn away qualified business owners in need of access to capital," he added. Raising the cap to 25% would make roughly $10 billion of additional, reasonably priced credit available to the nation's small businesses in the first year while generating more than 100,000 jobs, Jury wrote. "In Iowa, this would amount to approximately $137 million in new lending and more than 1,400 jobs," said Jury. "Credit unions offer a viable solution to the credit crunch small businesses are experiencing. Our industry supports this bipartisan legislation to help small business owners. We urge Congress to seize this opportunity and provide a common sense reform in the midst of this economic crisis for small businesses," Jury concluded.
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