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WalletPop Bill hiking MBL limit good for small biz
WASHINGTON (8/20/09)--A bill that would hike credit unions’ member business lending limits could give small businesses some hope, according to WalletPop. Walletpop is the name of the personal finance page on the America Online--or AOL--website. WalletPop Tuesday noted that credit unions may be able to lend more money to small businesses if a bill increasing their member business lending limit to 25% is approved. U.S. Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) introduced a bill July 29 that would increase the lending limit from 12.25% to 25%. “This could free up an extra $10 billion of capital for small businesses and commercial loans, and if it makes credit unions more competitive with banks, everyone would benefit from the increased lending,” WalletPop said. “If you’re a small business owner who has been hoping to grow your business with the help of a commercial loan, this could give you some hope.” The article also cited a letter written to Kanjorski and Royce by Credit Union National Association President/CEO Dan Mica, which stated, “When other lenders have been forced to pull back lines of credit, credit unions have continued to lend and they have the capacity to do more. “Increasing the credit union member business lending cap makes sense for a number of reasons: credit unions have proven themselves as financial institutions that know their members and know how to lend to their members; they have demonstrated the ability to provide these loans safely and soundly; and most importantly, they can help address a real need in difficult economic times,” Mica added.
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