Blog: Udall Credit Union Amendment to Increase Small Business Lending

Statement

Even in today's tough economy, entrepreneurs and small businesses across Colorado are looking for ways to expand, create new jobs and help our economy grow. But many of them are finding it difficult to secure loans, through no fault of their own. Under current statute, credit unions are required to limit small business lending to 12.25 percent of the credit union's total assets. This arbitrary cap has restricted many credit unions from extending credit to worthy small businesses. My amendment will allow credit unions to gradually expand small business lending in a responsible manner, following strict guidelines agreed on by a bipartisan group of Senators from across the country. Best of all, the amendment will not cost the taxpayers a dime. This is a simple way to create good-paying American jobs, without increasing our deficit.

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