John Conyers Signs On to Business Lending Bill (Monitor: April 19, 2010)
Congressman John Conyers, D-Detroit, has indicated he will become the tenth co-sponsor from Michigan of H.R. 3380, the Promoting Lending for America's Small Businesses Act, which would raise the credit union business lending cap to 25 percent of assets. During the last congressional session, Conyers was a co-sponsor of the Credit Union Regulatory Improvements Act (CURIA) which also sought to raise the credit union member business lending cap, among other measures.
Conyers joins Congressmen Pete Hoekstra, R-Holland, Fred Upton, R-St. Joseph, Carolyn Cheeks Kilpatrick, D-Detroit, Vern Ehlers, R-Grand Rapids, Candice Miller, R-Harrison Twp., Gary Peters, D-Bloomfield Hills, Bart Stupak, D-Menominee, Dale Kildee, D-Flint, and Mark Schauer, D-Battle Creek, in his support of the bill.
“Michigan’s congressional delegation understand the vital role that small businesses are playing in our economic recovery,” said MCUL President/CEO David Adams. “Through grassroots lobbying efforts, we have pushed this message along with the potential that credit unions have to help entrepreneurs get the capital they need. With our own Small Business Financing Alliance at the state level, we are demonstrating the cooperation that can exist between credit unions and small businesses, and our federal lawmakers are seeing that and wanting to help drive this at a national level, as well.”
Michigan credit union leaders’ efforts at the CUNA Governmental Affairs Conference (GAC) alone produced five co-sponsors for the bill. Since the introduction of the legislation in the House by U.S. Reps. Paul Kanjorski, D-Penn., and Ed Royce, R-Calif., credit unions have heavily promoted the concept of raising the credit union business lending cap to spur small business growth. A recent guest column by Adams in the Lansing State Journal covered the concept at the federal level, as well as recent, Michigan-specific efforts in which credit unions have partnered with some state agencies to link small business owners with credit union loans.
Visit the MCUL’s Small Business Financing Alliance Web site for more information on these state initiatives.