Bipartisan House, Senate bills would increase lending to veteran-owned business
Bipartisan legislation introduced in the House and Senate Thursday would exempt loans made to veteran-owned business from the credit union member business lending cap. Currently, credit union business loans are limited to 12.25% of assets. Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska, introduced the Veterans Member Business Loan Act in the Senate (S. 110), and Reps. Brian Fitzpatrick, R-Pa., and Vicente Gonzalez, D-Texas, introduced it in the House (H.R. 507).
“The veteran community is one that demonstrates the value of grit, determination, and leadership in communities across America. Credit unions take great pride in helping those who seek out the American dream of owning a business,” said Carrie Hunt, America’s Credit Unions chief advocacy officer. “At America’s Credit Unions, we support reintroduction of the bipartisan Veterans Member Business Loans Act and look forward to speedy passage of this critical piece of legislation.”
Credit union leagues also strongly support the bill.
“The Veterans Member Business Loan Act will provide Hawaii’s credit unions greater lending authority to help our military veterans to live their dreams,” said Hawaii Credit Union League President/CEO Tim Ashcraft. “Mahalo to Senator Hirono for her sponsorship of the bill and her continued support of Hawaii’s credit unions. We are grateful for the bipartisan sponsorship of the bill along with Senator Sullivan of Alaska to provide additional economic opportunities for our veterans in Hawaii and across the Unites States.”
Alaska Credit Union League President Tim Sullivan said, “Veteran-owned businesses need more access to affordable capital, especially in Alaska, which has the highest veteran population per capita of all 50 states. We thank Senator Sullivan for his bipartisan work to ensure credit unions can serve the needs of veteran business owners with this legislation, and we look forward to advocating to move this bill forward.”
“We commend Rep. Brian Fitzpatrick and Rep. Vicente Gonzalez for their continued leadership in reintroducing this important legislation to enhance credit unions’ ability to support our nation's veterans,” said Patrick Conway, CrossState Credit Union Association president/CEO. “This bill reflects a commitment to providing greater flexibility for credit unions to serve their members, particularly veterans, in achieving financial stability and success. CrossState is proud to support any effort to empower those who have served our country.”
Cornerstone League Executive Vice President/Chief Advocacy Officer Jim Phelps also thanked Gonzalez for “supporting credit unions and veterans by reintroducing the Veterans Member Business Loan Act in this Congress. The Cornerstone League fully supports this bipartisan effort to support veteran-owned businesses with additional credit union capital, and we look forward to working to advance this much-needed legislation.”