Hillary Clinton unveiled a proposal to jump start small business startups, growth and job creation that includes plans to “(s)treamline regulation and cut red tape” for credit unions and community banks.
Calling them “the backbone of small business lending in America,” Clinton said that reducing small lenders’ burdens would improve much-needed access to credit for the nation’s small businesses, which create around two-thirds of new American jobs.
Back in October of 2015, CUNA launched a “Strong Credit Unions. Strong Middle Class.” grassroots campaign, which focuses on educating all presidential candidates on the value of credit unions to the nation’s economy and the benefits they provide to middle and lower-income individuals.
In a post on the Clinton campaign website Tuesday, the Democratic presidential nominee says her new proposals reflect the concerns of small businesses across the country, including declining access to credit. She notes that small business loans comprised just 29% of total bank loans in 2012, as compared with 51% in 1995.
CUNA research shows that from the start of the economic crisis through March 2016, banks’ small business lending dropped by 12.58%, although that industry’s commercial lending increased by 32.95%. Credit unions, in dramatic comparison, increased small business lending support by 120.53% during the same time period.
Credit union stakeholders can continue to track action during the campaign by visiting CUNA’s MiddleClass2016.com, which allows them to inform the candidates and their staffs about the importance of serving the middle class by supporting credit unions.