CUNA to Congress: CUs stand ready to serve veterans
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday. The bipartisan legislation—introduced in the House and Senate—would exempt loans to veteran owned business from the member business lending cap.
“As credit unions stand ready to serve our veterans who so faithfully served our nation, there are challenges that impact veterans’ access to the financial services they need from credit unions,” the message reads. “By broadening that access, credit unions’ people-first focus becomes available to more veterans. With our willingness to look beyond credit scores and collateral to assess loan opportunities, and history of making much-needed yet smaller loans than other financial institutions are willing to make, this can make or break a veteran’s ability to get the loan they need to serve their business and community.”
The message includes a video featuring Will Rivera, owner of Running Soles in Elizabethtown, Ky., a veteran, and member of Abound Credit Union.
“[Abound] saw our vision, we pitched it, and they believed in us. They’ve been a great help to us, and helped us grow more,” Rivera said.
“The credit union relationship is different. We're not out looking for the $50 million commercial loan, we try to help improve the lives of our members and make the community a better place to live,” said Ray Springsteen, CEO of Abound Credit Union.