WASHINGTON (4/4/12)--The National Cooperative Business Association (NCBA) has asked members of the cooperative community to communicate the crucial funding needs of small businesses, and the importance of supporting credit union member business lending (MBL) cap legislation, to members of the U.S. Congress.
"By allowing credit unions to make more business loans, we'll be putting more Americans to work and improving our economy," NCBA Interim President/CEO Liz Bailey said in a release. The NCBA release cited Credit Union National Association (CUNA) estimates that show that lifting the MBL cap from 12.25% to 27.5% of assets would create 140,000 jobs and inject $13 billion in new funds into the economy, at no cost to taxpayers.
The NCBA release noted that 90% of small business owners that responded to a recent survey said they were having issues accessing credit, with 61% adding that it is harder to get loans today than it was a few years ago. The release asks NCBA members to reach out in support of S. 2231, the MBL cap increase legislation, and adds that one of the easiest ways to help small businesses gain access to the credit they need and start hiring is to lift the credit union member business lending cap.
The National Council of Textile Organizations, the American Small Business Chamber of Commerce, the National Farmers Union, the National Association of Realtors, the Realtors Land Institute, the Small Business Majority, the Society of Industrial and Office Realtors, the CCIM Institute, Americans for Tax Reform, the American Consumer Institute, the Hardwood Federation, the Institute of Real Estate Management, NCB Capital Impact MultiFunding, the National Association of Home Builders, the National Association of Professional Insurance Agents, AMT--The Association for Manufacturing Technology, the U.S. Women's Chamber of Commerce, and the Heartland Institute have also supported increasing the MBL cap in recent weeks.
For the full NCBA release, use the resource link.
CUNA President/CEO Bill Cheney also touted the benefits of an MBL cap increase in a Tuesday Daily Caller editorial. (See related story: CUNA in Daily Caller: MBLs are all about small business)