Congressman Howard Coble (R - 6th District) announced this week he is co-sponsoring H.R. 1418, the Small Business Lending Enhancement Act of 2011. The bill would raise the cap on credit union business lending from 12.25% to 27.5% of assets.
Coble cited the need to create jobs as a key reason for his support. “During the current recession, one of the largest impediments to growth has been the lack of available capital," Coble said. "H.R. 1418 will open new options for those seeking small business loans, which in turn will help drive our labor markets in a positive direction.”
"We appreciate Congressman Coble's support of this bill," said Dan Schline, NCCUL SVP of Association Services. "Credit unions have a willingness to lend to small businesses - they just need more capacity. Raising the cap is an essential step in helping small businesses access credit in order to create jobs."
Coble joins Congs. Renee Ellmers (R - 2nd District), Larry Kissell (D - 8th District) and Walter Jones (R - 3rd District) in co-sponsoring the legislation.