Small Business Lending Bill
Help Us Help Long Islanders
The Senate will soon vote on legislation that will have a direct impact on all Long Islanders and our economy. H.R. 1418/S. 2231 is a bill that will help create jobs and free up capital for small business lending. The Senate could vote on this important bill as early as the third week of April. New York’s United States Senators Schumer and Gilibrand are co-sponsors and have been instrumental in helping to get this bill to a vote. We appreciate their leadership and support and need your help to thank them.
Click on the button below to show support for the bill!
The big banks have desperately tried to make this issue a bank versus credit union issue. But with your support we can remind Congress the important role credit unions play in the lives of their members. Our supporters on the hill – and those that would like to support us – have told us that having members talk about their experience dealing with credit unions is crucial to getting this bill passed.
Long Island’s small businesses are the engine of growth of our local economy. As a result of the financial crisis the availability of funds for all types of lending has been impacted. This has resulted in a reduction of the availability of credit for many businesses right here on Long Island.
At a time when banks are withdrawing credit from America’s small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. It makes economic sense to restore credit unions’ full ability to lend to their business-owning members.
Bethpage is urging its members to use the current Senate recess as an opportunity to tell their senators about the importance of a member business lending cap lift to credit unions and small business owners.
Reasons to Get Involved
- Credit unions have been lending to their business-owning members for a century. There was no member business lending cap prior to 1998. It was included in the HR 1151 Bill to limit growth of credit unions.
- Credit unions have a sound track record when it comes to business loans, specializing in lower loan amounts with a national average of $220,000.
- Banks have reduced lending to small businesses while credit unions have expanded credit to them.
How Can I Help?
It’s easy, contact Senator Schumer and Senator Gillibrand about Senate Bill 2231- The Credit Union Small Business Jobs Bill:
- Call toll free 1-877-642-4223
Learn More Here!