Press
Minnesota CU Reps. Flock to D.C. for Lame Duck MBL Push
ST. PAUL, Minn. – Focused on passing business lending legislation that would give the economy a much needed boost, Minnesota credit union representatives joined hundreds of other supporters on Nov. 27-28 for a national Hike the Hill in the nation’s Capital. This event, which was attended by more than 500 credit union and small business representatives, was part of the movement’s larger advocacy efforts to pass member business lending (MBL) legislation during Congress’ lame duck session.
Nine Minnesota credit union professionals participated in Hike the Hill, providing Minnesota’s Congressional Delegation insight into how raising the cap on MBL will affect the state’s small businesses and economy. In their meetings with Minnesota’s Congressional Delegation, the group highlighted that the passage of the Small Business Lending Enhancement Act (S. 2231, H.R. 1418) would make available an additional $160 million in small business loans and create nearly 2,000 jobs throughout Minnesota.
Minnesota’s federal elected officials also received insight into the impact credit union lending has had on the economic recovery. From June 2011 to June 2012, Minnesota credit unions’ small business lending increased 9.4 percent, while banking industry lending to small businesses increased 3 percent. Illustrating broader support of the Small Business Lending Enhancement Act, credit union professionals presented elected officials with a letter from 15 Minnesota small business owners that urged Congress to pass this important piece of legislation.
“Our in-person meetings with Minnesota’s Congressional Delegation this week continued our ongoing conversations with elected officials about this important small business issue,” said Minnesota Credit Union Network Vice President – Governmental Affairs Mara Humphrey. “Small businesses are the engine of the state and national economies, and Minnesota credit unions are committed to supporting them. The passage of the Small Business Lending Enhancement Act will position credit unions to help with the economic recovery.”
Over the last few months, Minnesota credit unions have been involved in a number of advocacy efforts aimed at urging elected officials to support the MBL bill. Through meetings with elected officials, phone calls, emails and letters, credit unions have stressed the positive impact of the passage of this legislation. Sen. Al Franken (D-Minn.) has signed on as a co-sponsor of the Small Business Lending Enhancement Act and other members of Minnesota’s Congressional Delegation have indicated their support of the bill.
The Minnesota Credit Union Network is an organization representing the state’s 135 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.