CU Lending Success Story Keeps MBL Issue Front and Center (Misc News: August 17, 2012)
A recent small business loan from EECU to help finance the construction of a new restaurant in the Ann Arbor area has created quite a media buzz and kept the issue of the cap on credit union member business lending before the public.
In the span of one week, stories about EECU’s partnership with the Michigan Certified Development Corp. and the Small Business Administration 504 loan program to provide funding for another location of the Culver’s fast food franchise appeared in the CU Times, MLive.com, and on WLNS-TV6 News.
In his interviews, CEO Steve Cobb stressed that while EECU is ready and willing to make these sorts of loans to businesses, the credit union is limited in its ability to do so because of the current MBL cap.
“It kind of puts us in a tough spot,” Cobb told Mlive.com.
Cobb went on to explain the importance of S. 2231, the legislation that is currently before Congress to raise the MBL cap and the impact it could have on the economic recovery, telling WLNS-TV6 News, “If you’re trying to run a small business, and you want to keep people employed, and run things profitably, but you don’t have any avenues to get a loan, it hurts their chances on a go-forward basis.”
Beyond the stories themselves, the MBL debate has continued in the online comments section of the publications. On MLive.com, the reporter even solicited feedback, asking “Do you think legislation should allow credit unions to loan more to small businesses?”
CUSG Marketing Consultant Jonathan Fuhrman specializes in the use of social media and calls this an opportune moment to take the story one step further by engaging in the conversation.
“Newspapers and other content published online are no longer about one-way communication. The comment section of a story is where readers have the chance to have their say, and in this case, it is a prime opportunity to provide pro-credit union feedback,” Fuhrman said.
Fuhrman encourages credit union supporters to log onto the comments section and post their opinion, and to monitor the dialogue that follows, as discussions will often go on for many days after the initial story is posted.