Senator Mark Udall has introduced a ‘Bipartisan Small Business Lending Enhancement Act’. This bill will be an amendment to the Start-Ups (JOBS) Act. Udall urges colleagues to vote as the legislation is going to lift the cap on credit unions allowing them to loan capital to small business owners in need. It will definitely help in expansion and job creation for small businesses of America.
The legislation will enhance credit union’s ability to serve small businesses. This is in the face of small business owners starving for money when credit unions have it but still are unable to lend because of federal regulations. Senator Udall spoke on the Senate floor about opportunity to expand access to capital to the smallest of small local businesses. There are many people who need $50,000 to $200,000 to expand their garage or retail store. This act facilitates the grant, as credit unions that are willing to lend money to community local businesses, can make loans once the Act gets approval. If only the limit to how many businesses a credit union can lend money to, be withdrawn, then that will make a lot of difference to small business owners.
Recently, the house passed the ‘Jump-Start Our Business Start-Ups Act’. This bill will increase the credit availability to start-up companies as it eases the process of an IPO – initial public offering. The bipartisan Small Business Lending Enhancement Act will be an amendment to the JOBS act so as to open additional credit to small businesses without having to pay taxpayers a dime.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org