Congresswoman Susan Davis Moves to Increase Access to Credit for Small Businesses
Congresswoman Susan Davis (D-San Diego) cosponsored bipartisan legislation in the House to help small business access critical loans. The Credit Union Small Business Jobs Act would raise the member business lending (MBL) cap for eligible credit unions.
“I’ve heard from many small businesses in my district about the need for greater access to credit to help their businesses grow and to hire more workers,” said Davis. “A top priority of Congress should be creating an environment where our economy can thrive. Reducing limits on small business loans is a step in that direction.”
In order to qualify for the MBL cap increase from 12.25% to 27.5%, a credit union must have extended experience in providing business loans and be in sound capital condition. Ultimately, it would be up to the National Credit Union Administration (NCUA) to determine if a credit union meets these and other requirements before receiving the cap increase.