Berger hails National Small Business Week
May 12, 2014 – NAFCU President and CEO Dan Berger hailed the opening of National Small Business Week by highlighting credit unions' work with member small businesses and the association's ongoing effort to win an increase in credit unions' member business lending cap.
"Small businesses drive our economy, and our nation's financial security depends on their success," said Berger. "Credit unions are a vital source of credit to entrepreneurs and businesses on Main Street that greatly contribute to America's prosperity and job growth."
Berger, citing a 2011 study by the Small Business Administration Office of Advocacy, said credit unions stood by their member small businesses during the financial downturn as banks sharply decreased their lending to small businesses. Credit unions continue to grow lending to small businesses. The NAFCU president noted that since 2007, credit union member business loans have grown 86.6 percent while bank lending to small businesses has declined 14.1 percent.
Berger reiterated NAFCU's call for action on bills that would help credit unions do more to meet the credit needs of small businesses, a key element of the association's five-point plan for regulatory relief. He urged passage of the following:
- H.R. 4226, the "Credit Union Residential Loan Parity Act," introduced this March by Reps. Ed Royce, R-Calif., and Jared Huffman, D-Calif., to exempt certain residential loans from the credit union member business lending cap; and
- H.R. 688, the "Credit Union Small Business Jobs Creation Act," introduced by Royce and Rep. Carolyn McCarthy, D-N.Y., to raise the credit union MBL cap from 12.25 percent to 27.5 percent of assets.
National Small Business Week runs through Friday.
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