The Veterans Member Business Loan Act (H.R. 4867) was introduced in the House of Representatives by Rep. Vicente Gonzalez (D-TX) and Rep. Brian Fitzpatrick (R-PA). The bill would exempt loans made to veteran owned businesses from the member business lending cap. The current cap on member business loans for credit unions is 12.25% of total assets. The cap applies to all business loans above $50,000. The League is urging our Congressmen to support the bill saying, “It is important that those who have served this great Nation have access to capital when they seek to open or grow a small business. Credit unions are not-for-profit, member-owned financial institutions that serve everyday Nebraskans, including veterans, with modern and cost-effective financial services and products including small business loans. It is the unique structure of credit unions that so many Nebraskans gravitate towards when they are looking to start, buy, or grow a small business.”
