ALBANY, NY (03/12/2010)(readMedia)-- U.S. Senator Kirsten Gillibrand promoted bipartisan legislation that would raise the business lending cap for credit unions while addressing the media and a group of credit union leaders gathered at Syracuse Fire Department Federal Credit Union this morning.
Over one dozen representatives from ACMG Federal Credit Union, Empower Federal Credit Union, Syracuse Fire Department Federal Credit Union, Visions Federal Credit Union and the Credit Union Association of New York were in attendance as the Senator spoke about how raising the lending cap to 25 percent of total assets would drive small business growth and create new jobs.
"If we're going to create new jobs and rebuild our economy for the long term, small businesses need more access to credit," said Senator Gillibrand. "This commonsense legislation would free up lending at not-for-profit credit unions in every corner of America to small businesses. This would give small businesses more of the capital they need to get off the ground, grow and get thousands of Americans back to work."
"Credit continues to be a problem for businesses of all sizes, businesses that could be creating much-needed jobs" said William Ryan, manager of Syracuse Fire Department Federal Credit Union. "Restoring credit unions' authority to fully serve their business-owning credit union members just makes good economic sense. We thank and applaud Senator Gillibrand for her leadership in support of credit unions' work with small businesses."
Senator Gillibrand is currently urging Senate leaders to include the legislation in their upcoming jobs package so that small businesses could have an opportunity to grow and thrive.
Credit unions have proven themselves as the not-for-profit financial cooperatives that know their members and have demonstrated the ability to provide loans safely and soundly. They have been making loans to their members to help start and operate businesses since credit unions inception in the United States 100 years ago. Credit unions positive track record and commitment to their members' financial health, combined with economic impact of increased business lending is why a growing list of business and public policy groups, like the National Small Business Association and National Association for the Self-Employed agree that now is the time for Congress to act and enhance credit union's ability to make member business loans.
According to recent analysis by the Credit Union National Association, lifting the current MBL cap has the potential to create as many as 108,000 jobs and make available as much as $10 billion in credit to small businesses in the first year the bill is enacted.
The Syracuse Fire Department Employees Federal Credit Union has $57.8 million in assets and over 5,800 members. The credit union primarily serves firefighters and police officers who work for the city of Syracuse and their families.
The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. New York credit unions have assets of more than $48 billion and 4.3 million members. To learn more about the Association, visit www.cuany.org.
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