Brett Thompson, president/CEO of the Wisconsin Credit Union League, suggested banks have the market cornered when it comes to small business lending.
“This is not a 'credit unions vs. banks' issue,” Thompson wrote in the Milwaukee Biz Blog. Banks control 95% of the country's small business lending market.”
Thompson penned the opinion piece to promote proposed legislation that would raise the member business lending cap from 12.25% to 27.5%.
“Clearly, passage of this legislation would have a tremendous impact, particularly at a time when small businesses continue to be hurt by their inability to gain access to the credit they need to grow,” Thompson said.
Raising the cap would free up $13 billion in capital and create 140,000 new jobs nationwide, he wrote. In Wisconsin, the legislation would create $408 million of new credit and add 4,437 jobs in the first year alone, Thompson added.
“Notably, Wisconsin credit unions have had a lower loss rate than banks on business loans for over a decade,” Thompson said.
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.
