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CU System
Minnesota league promotes jobs through MBL
ST. PAUL, Minn. (2/2/10)--Minnesota Credit Union Network (MnCUN) President/CEO Mark D. Cummins, who is a regular columnist for Finance & Commerce newspaper, wrote on the benefits of credit union member business lending in his latest commentary. His article, titled “Community involvement fundamental for credit unions,” was published in the publication’s “Association Update” section Friday. The article outlined the credit union philosophy and called community involvement an “intrinsic” part of credit unions since they were founded in the U.S. more than 100 years ago. He acknowledged credit unions as “central contributors” to the overall economy because of their work with local businesses. “One way that credit unions support ‘Main Street Minnesota’ is through small business lending, which is especially important in a time where many businesses owners are finding it increasingly difficult to access credit and obtain financing for their operations,” Cummins wrote. Credit unions can be a solution to this challenge, he told readers. Cummins said credit unions have been taking part in member business lending since the early 1900s. He explained the 12.25% arbitrary cap currently restricting credit unions’ member business lending and promoted congressional proposals that would raise the cap to 25% and help create jobs. Cummins said Minnesota credit unions could lend more than $176 million to small businesses this year alone, thus helping to create nearly 2,000 new jobs “without costing the taxpayer a dime.” The estimates were from the Credit Union National Association. To read the column, use the link.
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