May 08, 2019

NAFCU brings to light CUs' small biz support

small business store frontIn honor of National Small Business Week, NAFCU Vice President of Legislative Affairs Brad Thaler outlined in a letter to Capitol Hill yesterday the vital services and resources credit unions offer their member small businesses.

"Nationwide, many small business owners are members of credit unions and rely on their services to help make their businesses a success. This includes offering resources for underserved borrowers, providing financial relief for small businesses affected by the lapse of government funding earlier this year, or developing financial literacy programs for entrepreneurs exploring their financial options," Thaler wrote to House and Senate leadership.

Thaler also pointed to a 2011 study commissioned by the SBA's Office of Advocacy that found during the 2007-2010 financial crisis, banks decreased their small business lending, while credit unions increased business lending as a percentage of assets.

Earlier this week, NAFCU President and CEO Dan Berger highlighted credit unions' engagement with small businesses, reinforcing the important role credit unions play – not just this week, but every week – for small businesses in America.

"Credit unions are committed to serving and strengthening their communities, and one of the ways they do so is through providing small businesses with necessary capital that stimulates economic growth," said Berger. "NAFCU looks forward to continuing our partnership with the SBA to find opportunities for credit unions to better serve small businesses through lending."

NAFCU has worked closely with the Small Business Administration (SBA) to improve access to credit union small-dollar loans to small business and in 2016 and 2017 signed Memorandums of Understanding (MOU) with former SBA Administrators Maria Contreras-Sweet and Linda McMahon.

National Small Business Week runs through Saturday.