NAFCU brings to light CUs’ small biz support
In honor of National Small Business Week, NAFCU Vice President of Legislative Affairs Brad Thaler outlined in a letter to Capitol Hill yesterday the vital services and resources credit unions offer their member small businesses.
“Nationwide, many small business owners are members of credit unions and rely on their services to help make their businesses a success. This includes offering resources for underserved borrowers, providing financial relief for small businesses affected by the lapse of government funding earlier this year, or developing financial literacy programs for entrepreneurs exploring their financial options,” Thaler wrote to House and Senate leadership.
Thaler also pointed to a 2011 study commissioned by the SBA’s Office of Advocacy that found during the 2007-2010 financial crisis, banks decreased their small business lending, while credit unions increased business lending as a percentage of assets.
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