tI’ve heard many suggestions about accelerating the economy. One solution that I’d like to share with you would help unfreeze credit for small businesses and provide resources that would ignite local economies. That simple solution is raising the business lending cap for credit unions; something that Congress has debated since 2009. Raising the current lending cap would accomplish the following:
t• Provide additional capital to small businesses
t• Encourage small businesses to invest in local, Michigan economies
t• Increase job growth
tYou’re probably wondering what the downside is to raising the business lending cap? The great thing about this solution for our economy is that there is no downside. Raising the cap will provide additional solutions for aspiring businesses and it doesn’t cost the taxpayer one cent.
tLike banks, credit unions offer a variety of business products and services. At the same time, credit unions have their ear to the pulse of their local communities and understand the needs and wants of small businesses. That’s why the relationship between businesses and credit unions is successful and will continue to grow in popularity.
tUnfortunately, that growth could be stunted if Congress does not make the correct decision on this issue. I urge all of our business leaders and citizens to reach out to their local members of Congress to ask for an increase in the business lending cap at credit unions. Raising the cap provides many benefits that will help our local communities.