The continued push to raise the member business lending cap for credit unions in light of banks scaling back aid is the focus of an article in the Wall Street Journal.
The $703 million St. Mary's Bank is one of nearly 300 credit unions near the 12.25% of assets cap with roughly $85 million in loans, the publication noted. Ron Covey, CEO of the country's oldest credit union, said the Manchester, N.H.-based cooperative has to turn away $1 million to $2 million in small business loans a month.
This, as an October New York Federal Reserve report revealed last summer that three-quarters of small businesses were turned down or received only some of the financing requested, according to the Journal.
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