Sens. Dan Sullivan (R-Alaska) and Mazie Hirono (D-Hawaii) introduced a bill Tuesday to exempt loans made to veteran-owned businesses from a credit union’s member business lending cap, the Veterans Member Business Loan Act (S. 2834).
“A recognition of the credit union difference, this bipartisan bill will make it easier for America’s veterans to access credit and invest in their future and their communities,” said CUNA President/CEO Jim Nussle. “We thank Sens. Sullivan and Hirono for their leadership on this issue and look forward to engaging with lawmakers to advance this legislation and aid credit unions in their efforts to uplift the financial prosperity of veterans who have given so much in the service of our country.
Leadership at the Hawaii and Alaska Credit Union Leagues also expressed their support of the bill.
“U.S. Senator Mazie Hirono has been a long-time credit union member herself, as well as a strong supporter of credit unions and the role they play in their members’ lives,” said Dennis Tanimoto, president of the Hawaii Credit Union League. “This bill helps to ensure veterans’ access to affordable loans and other services from nonprofit financial cooperatives known as credit unions.”
Chad Bostick, governmental affairs chair at the Alaska Credit Union League, also thanked the senators for the bill.
“Alaskan credit unions have a long history of serving Alaskan service members and veterans. It is an honor to work with the credit unions and Senator Sullivan to build upon that long history by increasing access to credit for active duty and veteran members of Alaskan credit unions,” said Chad Bostick, governmental affairs chair at the Alaska Credit Union League. “Many thanks to the hard work by Senator Sullivan and his team. The Alaska Credit Union League is very pleased to see this moving forward and we look forward to working with Senator Sullivan and his team on the next steps with this bill.”
“Veteran business owners and entrepreneurs play an important role in Hawaii’s economy. The Veterans Members Business Loan Act will help to help make entrepreneurship an option for more veterans as they transition back to civilian life, or give established veteran-owned businesses access to capital to grow and create more local jobs,” Hirono said. “I thank my colleague, Senator Sullivan, for working with me to introduce this important legislation as we mark Veterans and Military Families Month.”
“Our veterans have sacrificed so much to serve our country and it is important that they are afforded every opportunity to succeed after leaving the military,” Sullivan said. “Service members develop broad expertise across numerous areas while in the military, learning skills that can provide tremendous value to the economy. This bill eliminates common barriers of entry for veteran entrepreneurs to ensure they have access to the capital and resources they need to establish businesses and succeed in their ventures.”