We all complain about the lack of business lending available in our economy. Now there is something we can do about it. There is a bill currently outstanding that should be passed by the current lame duck session of Congress. It is a bipartisan bill having to do with the lending limit to small business by credit unions.
Credit unions face a limit on the amount of business lending they can offer, based on a formula of a credit union's net worth and assets. There is currently a federal bill (SB 2231/HR 1418) that has been sponsored on a bi-partisan basis that would increase the lending capacity of credit unions. The terms of business loans are usually very favorable. We should all get behind passage of this bill in the lame duck session. I called my senators and congressmen yesterday to urge passage of the bill. Will you join me? You can find the information to contact your representatives here.