Posted: April 6, 2012
The National Main Street Business Coalition, of which NFDA is a member, recently sent a letter to all members of the House of Representatives asking them to support the "Restore Main Street's Credit Act of 2012." This bill would improve access to capital for small businesses, particularly those with 20 or fewer employees.
The historical purpose behind establishment the U.S. credit union system was to provide financial services to entities of modest means and support the development of local communities. The limitation on member business lending, imposed as part of the "Credit Union Membership Access Act of 1998," stifles the ability of credit unions to service loans to today's Main Street businesses. Though exemptions exist for certain types of lending, credit unions are approaching a point at which they will begin turning capital-hungry small businesses away. Coupled with ill-fitting attempts by Congress to enhance small business' capital access, Main Street is concerned that another financial and community crisis may be looming.
The "Restore Main Street's Credit Act of 2012" would exempt member business loans made by credit unions from statutory limitations small businesses with 20 or fewer full-time employees.
Click here to read an issue briefing on the "Restore Main Street's Credit Act of 2012" by the National Main Street Business Coalition.
Click here to read the letter sent by the National Main Street Business Coalition to the members of the House of Representatives.
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