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MBL Reform Should Include the Personal Guarantee

Requiring a personal guarantee for business loans is safe and sound business practice.

By Michael E. Fryzel | Updated on October 02, 2015
Famed Chicago architect Daniel Burnham would always invoke the words “Make no little plans; they have no magic to stir men’s blood” when designing a building or planning the Chicago World’s Fair Exposition. In following his own advice, Burnham pursued every project he undertook with the commitment to push the limits. Make it the best and create something people would always remember. He was a bold thinker, had great vision and was never afraid to take chances.

This fall, the NCUA board has an opportunity to show they have vision and are willing to take a bold step. They will consider and vote on expanded business lending authority for credit unions. The proposed rule changes were a long time coming, and if approved, will provide a great opportunity for credit unions to further enhance their ability to promote and foster the growth of the business sector.

During the six years I sat on the NCUA board, I advocated for and supported efforts to give credit unions the ability to provide their members with loans to open and operate businesses when other financial institutions would not.

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