Jan 04, 2013 10:11
If a business needs a loan, the business owner’s first stop will most likely be a traditional bank. But if S. 2231/H. R. 1418, the Credit Union Small Business Lending Enhancement Act is enacted, the local credit union might become another option for the loan-seeking business owner.
It's not that credit unions were previously absent from the commercial loan market, but due to a cap, they were unable to have more than 12.25 percent of total assets devoted to member business loans. The proposed legislation would increase that cap to 27.5 percent for well-capitalized credit unions. [More]