WASHINGTON— Ahead of a House Small Business Committee hearing this week on veteran-owned small businesses, NAFCU sent a letter to the committee and stated “credit unions are an important resource for our nation’s veterans in their small business and entrepreneurial endeavors.”
“Service members develop broad expertise across many disciplines while in the military, learning skills that can provide tremendous value to the economy,” NAFCU Vice President of Legislative Affairs Brad Thaler wrote. “After great personal sacrifice, these Americans deserve every opportunity for success in their transition back to civilian life.
“One way Congress can help is to support legislation that would provide relief to barriers that stand in the way of veterans accessing credit for small businesses,” Thaler continued. “This includes the arbitrary credit union member business lending (MBL) cap that constrains our credit union members’ ability to help small businesses.”
Legislation Introduced
Thaler noted legislation – the Veterans Member Business Loan Act – to address this issue has been introduced in the Senate, and that NAFCU is working to get a companion bill introduced in the House.
He also urged lawmakers to support the bipartisan Building Credit Access for Veterans Act, H.R. 1266, that supporters say would work to increase veterans’ access to capital for housing and small business loans through a pilot program to test alternative credit scoring models that better reflect veterans’ creditworthiness.
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