BISMARCK, N.D. (5/12/14)--A column in the Credit Union Association of the Dakotas' May 7 Memo newsletter by Phil Love, president/CEO Midwest Business Solutions (MWBS), praises credit union business lending as a force of social good.
MWBS is a Rapid City, S.D.-based commercial and agricultural lending credit union service organization.
"What comes to your mind when I mention how a credit union improves the social well-being of a community?" Love wrote. "One item I rarely hear mentioned is how business lending from a credit union improves the social good of a community. I believe that commercial and agricultural lending provide one of the best methods a credit union has to impact its territory. "
Love praises small business owners for their impact on job creation, citing national statistics that show the U.S. workforce shed 806,000 jobs in April.
"Every commercial or agricultural loan we have closed at MWBS has either added or retained jobs from the business client," Love wrote. "The impact we have is families being started on sound financial footings, allowed houses and other items to be purchased, sent kids to college, and started families. Many times, the greatest social good can be accomplished through your activities with your business or farm client."
The Credit Union National Association and credit unions are urging Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. CUNA and credit unions say that increasing the cap would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers.
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