Gillibrand Pushes for Vote on Small Business Lending Enhancement Act
With 422 credit unions across New York State held back from lending capital that is readily available, U.S. Senator Kirsten Gillibrand pushed bipartisan legislation to spur small business growth and create jobs by increasing access to loans from credit unions.
By law, credit unions are required to limit member business lending to 12.25 percent of the credit union’s total assets. The senator is promoting the Small Business Lending Enhancement Act that would enable credit unions to lend up to 27.5 percent of total assets by establishing a tiered process for credit unions to increase their business lending in a safe and responsible way.
Gillibrand is pushing for a vote on the bill this month that could create more than 11,000 new jobs in New York by boosting small business lending by as much as $1 billion without any government spending, according to the Credit Union National Association.