Senate Legislation Would Exempt Veterans From Business Loan Cap
CUNA, NAFCU and other credit unions are on board with this legislation.
Two senators—one Republican and one Democrat—on Tuesday introduced legislation that would exclude loans to veterans from the credit union Member Business Loan cap.
Sens. Dan Sullivan (R-In.) and Mazie Hirono (D-Hawaii) introduced S. 2834; a companion bill was introduced in the House by a bipartisan group of lawmakers.
“The Veterans Members Business Loan Act will help to help make entrepreneurship an option for more veterans as they transition back to civilian life or give established veteran-owned businesses access to capital to grow and create more local jobs,” Hirono said.
“Service members develop broad expertise across numerous areas while in the military, learning skills that can provide tremendous value to the economy,” Sullivan said. “This bill eliminates common barriers of entry for veteran entrepreneurs to ensure they have access to the capital and resources they need to establish businesses and succeed in their ventures.”
The Defense Credit Union Council earlier this year identified the legislation as its top legislative priority.
CUNA and NAFCU have endorsed the legislation.
“A recognition of the credit union difference, this bipartisan bill will make it easier for America’s veterans to access credit and invest in their future and their communities,” CUNA President/CEO Jim Nussle, following introduction of the Senate bill.