Press
NAFCU Letter to Reps. Graves & Velazquez Regarding Tomorrow’s Hearing
February 12, 2013
The Honorable Sam Graves
Chairman
Committee on Small Business
United States House of Representatives
Washington, D.C. 20515
The Honorable Nydia M. Velazquez
Ranking Member
Committee on Small Business
United States House of Representatives
Washington, D.C. 20515
Re: Small Business Job Creation and Economic Growth
Dear Chairman Graves and Ranking Member Velazquez:
On behalf of the National Association of Federal Credit Unions (NAFCU), the only trade association that exclusively represents the interests of our nation’s federal credit unions, I write in conjunction with tomorrow’s hearing entitled “State of the Small Business Economy.” NAFCU applauds the committee’s ongoing efforts in identifying opportunities for and obstacles to job creation and economic growth.
The key to economic growth, particularly with regard to small business, is access to capital. Our nation’s credit unions stand ready to facilitate additional business lending and help get more Americans back to work. Unfortunately, the arbitrary member business lending cap credit unions face continues to hinder their ability to help speed the recovery from one of the worst economic downturns in our nation’s history. This artificial cap also can hamper SBA lending, as non-guaranteed portions of SBA loans made by count toward the arbitrary cap.
NAFCU strongly supports legislative efforts to raise the credit union member business lending cap and we urge the members of the Small Business Committee to do the same. Credit unions have increasingly become not only the lender of choice for a number of business owners, but also the lender of last resort for some, as a number of banks have reduced their lending to small businesses during the economic downturn.
We thank you for your attention to this matter. If my colleagues or I can be of assistance to you, or if you have any questions regarding this issue, please feel free to contact me or NAFCU’s Vice President of Legislative Affairs, Brad Thaler, at (703) 842-2204.
Sincerely,
B. Dan Berger
Executive Vice President, Government Affairs
National Association of Federal Credit Unions
cc: Members of the House Committee on Small Business