Saying that the "small business lending market doesn't belong to any one kind of financial institution,'' Missouri Credit Union Association President Mike Beall on Friday urged one of Congress' leaders on small business issues to support raising a cap on member business loans and to scrutinize the lending practices of banks.
In a letter to House Small Business Committee Chairman Sam Graves (R-Mo.), Beall noted there are four Missouri credit unions at or near their member business lending cap. They are Alliance CU in Fenton, Assemblies of God CU in Springfield, Mazuma CU in Kansas City and West Community CU in the St. Louis suburb of O'Fallon.
Beall also pointed out that there is $224 million worth of outstanding member business loans in the state. He estimated that raising the cap from 12.25% of assets to 27.5% of assets, as legislation that has been introduced in the House and Senate would do, would generate 1,676 jobs in the first year in Missouri.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
