Sen. Gillbrand Pushes For Increases in Credit Union Lending For Small Businesses
Wednesday, December 5, 2012
As small businesses nationwide struggles to obtain capital from traditional banks, Senator Kirsten Gillibrand is putting forth a bill that would raise the legal lending limit for credit unions.
The Small Business Lending Enhancement Act would raise the cap on the amount credit unions are allowed to lend to member businesses from 12.25 percent of a credit union’s total assets to 27.5 percent of total assets.
Gillibrand says with credit drying up at larger, traditional banks, credit unions are becoming increasingly important to small businesses in local communities that need relatively small lines of credit.