Lending bill would expand opportunities for veteran-owned businesses

The House Small Business Committee should consider the goals of the CUNA-League-supported Veterans Member Business Loan Act as it looks for viable policy options to support veteran entrepreneurs, CUNA wrote Wednesday. The bill would exempt loans made to veteran-owned small businesses from the credit union member business lending cap.

“Credit unions recognize that financial inclusion and access to capital for entrepreneurs are critical to ensuring the growth and development of vibrant small businesses,” the letter reads. “As not-for-profit, consumer-owned financial cooperatives, credit unions have a laser focus on our mission of financial inclusion and serving our members.

“Establishing and retaining a relationship with a credit union is the best way for a small business entrepreneur to partner with a provider of essential financial services,” it adds.

Sens. Dan Sullivan, R-Alaska, and Mazie Hirono, D-Hawaii, introduced a Senate version of the bill in March.