EUGENE, Ore. (3/26/14)--Mandy Jones, president/CEO of $1.2 billion-asset Oregon Community CU, Eugene, Ore., offered four reasons why credit unions are a better financial services choice for businesses in a recent blog post.
"My mentor was my dad, who owned a small business in Milwaukie, Oregon," Jones wrote. "He taught me the importance of businesses being involved in their community and the joy of making a difference in people's lives. He was not surprised when I chose to work in credit unions."
The benefits a credit union can provide to a small business, cited by Jones, include:
The Credit Union National Association is pressing the U.S. Congress to increase the member business lending cap to 27.5% of assets, from the current 12.25%-of-assets level so credit unions can do even more to support the small business lending needs of their communities.
CUNA estimates the MBL cap change would help credit unions lend an additional $13 billion to small businesses in just the first year after enactment of a statutory change. This money, which would be made available at no expense to taxpayers, would in turn help small businesses create around 140,000 new jobs.