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Wednesday, March 11, 2009
2:45 PM EDT
Ryan Ellis

Schumer Gets It Right on Small Biz Lending:
Even a Broken Clock Is Right Twice a Day

Of all people, Senator Chuck Schumer (D-NY) has introduced a common-sense, pro-growth bill that will help small business owners.

I'll let you read that again to let the uniqueness of that statement sink in.

According to Politico, the bill would uncap the amount that credit unions can lend to small businesses.  

Schumer intends to introduce, as early as this week, legislation that would eliminate altogether the statutory limit on the volume of business loans America’s 8,000 credit unions can make.

“Our focus must be on increasing the lending to small businesses, which are the lifeblood of our economy,” Schumer said in a statement, citing an estimate from the Credit Union National Association that lifting the business-lending cap would lead credit unions to loan as much as $10 billion in the first year.

Not only can small businesses not find new loans, Schumer said, they “are being strangled by having existing lines of credit pulled. A threat like this to small businesses could upend the livelihood of millions of workers and be catastrophic for the larger economy.”

Well, we'll give credit where credit is due.  Great job, senator.

 

Posted by Ryan Ellis on Wednesday, March 11, 2009 2:45 PM EDT

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