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Clear the Way for Small Business Lending

A bipartisan consensus of economists has told us repeatedly that one of the keys to creating jobs is increasing small businesses' access to loans. Yet while the economy is inching

A bipartisan consensus of economists has told us repeatedly that one of the keys to creating jobs is increasing small businesses’ access to loans. Yet while the economy is inching toward recovery, large and small banks are still reluctant or unable to lend. In every state in the nation, credit unions are ready to make responsible loans. But federal law currently prohibits them from lending more than 12.25% of their total assets. It’s an arbitrary and outmoded cap that’s unnecessarily holding our economy back.

We need to remove that barrier to capital and allow credit unions to help small businesses grow. That’s why last year, I introduced bipartisan legislation called the Small Business Lending Enhancement Act to allow credit unions to ramp up their small business lending.

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Peter Westerman

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