NAFCU brings to light CUs' small biz support
In 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.
Add to Calendar 2019-08-21 14:00:00 2019-08-21 14:00:00 Small-Dollar Lending: Meeting Your Members' Needs Watch the Webinar On-Demand About the Webinar According to leading economic indicators in June 2019, the US economy is doing well. It has steady growth, low unemployment, and little inflation. Yet, nearly 4 out of every 10 Americans said they wouldn’t be able to scrape together the cash to meet a $400 emergency expense. What are the economic forces at work contributing to this anomaly? And how can your credit union help? Research has demonstrated that consumers would prefer to obtain short-term credit from YOU, their local credit union, and regulatory agencies such as the CFPB and NCUA as well as numerous consumer advocacy organizations are encouraging credit unions to provide responsible small-dollar loans to their members. Historically, the two biggest impediments for credit unions to offer affordable short-term loans were complex regulatory requirements and operational obstacles: time, cost, and technology. In this webinar, Christopher Leonard, CEO of Velocity Solutions, explains that these obstacles are no longer in your way! By leveraging digital, turnkey loan platforms, credit unions can provide much-needed liquidity to their members—responsibly, affordably, and compliantly. Christopher will discuss what to look for in partnering with a FinTech provider, and what types of features your members want from a small-dollar loan product. Key Takeaways: A startling percentage of American consumers are cash poor – why? Regulatory agencies are looking to community financial institutions to provide responsible short-term credit to these consumers. The impediments that have prevented credit unions from providing small-dollar loans to their members in the past are no longer obstacles! How to get started in choosing a FinTech provider and loan platform. Web NAFCU email@example.com America/New_York public
Velocity Solutions, LLC
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