WASHINGTON, D.C. (February 4, 2025) |
Yesterday, the Defense Credit Union Council (DCUC) sent a letter to the U.S. House Small Business Committee, advocating for policies that promote small business growth, particularly for veterans and military communities.
DCUC Chief Advocacy Officer Jason Stverak highlighted the vital role credit unions play in serving veteran entrepreneurs and called for support of the Veterans Member Business Loan Act, recently introduced by Reps. Vicente Gonzalez (D-TX) and Brian Fitzpatrick (R-PA). This bill would exempt veteran business loans from the current 12.25% member business lending (MBL) cap, expanding access to capital for veteran-owned businesses.
Stverak stressed in DCUC’s letter how veteran entrepreneurs face higher loan denial rates despite seeking more funding than non-veterans. By lifting the cap, credit unions can better support veteran-owned businesses, strengthen local economies, fostering job creation, and ensuring financial inclusion—without additional taxpayer cost.
“As you discuss priorities for the 119th Congress, we urge you to prioritize the passage of the Veterans Member Business Loan Act to remove these barriers and ensure veterans have fair access to capital,” wrote Stverak.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.