WASHINGTON—Ahead of a hearing on entrepreneurship and veterans by the Senate Small Business Committee, NAFCU sent a letter that urges passage of the Veterans Members Business Loan Act, which would exempt loans made to veterans from the credit union member business lending (MBL) cap.
That legislation has been introduced in both the House and Senate.
“This bill would improve veterans' access to necessary capital by removing statutory barriers that hinder credit unions' ability to meet the financial needs of our nation's veterans,” wrote NAFCU Vice President of Legislative Affairs Brad Thaler. “As a result of the close relationships credit unions maintain with their members, credit unions are often willing to assist members when other lenders refuse.
“Unfortunately, credit unions face a statutory MBL cap that hinders their ability to fully serve the needs of small businesses,” continued Thaler. “Enacting this legislation will help ensure that credit unions can continue supporting veteran-owned businesses.
“We urge the committee to support this important legislation and request the Senate consider this bill to ensure our veteran-owned businesses receive the necessary capital and financial support to attain their financial goals,” concluded Thaler.
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