WASHINGTON–The Senate Veterans Affairs Committee will hold a hearing today titled, “Maximizing Veterans’ Success after Service,” with America’s Credit Unions and the Defense CU Council urging its members to support legislation that would expand business lending to vets by credit unions.
In a letter to the committee from America’s Credit Unions’ Senior Vice President of Advocacy Greg Mesack urged Senators to support Senate Bill 110, the Veterans Member Business Loan Act
“As you look for policy options to support veteran entrepreneurs, we encourage you to consider supporting the efforts of S. 110, the Veterans Member Business Loan Act. This bipartisan legislation, introduced by Senator Sullivan (R-AK) and Senator Hirono (D-HI), would expand business lending opportunities for veteran small business owners and veteran entrepreneurs,” the letter states. “Given that over 20% of transitioning veterans indicate they would like to start businesses, this bill would help a good portion of the veteran community.”
As the CU Daily has reported, the bill would exempt from the arbitrary credit union member business lending cap loans made to veteran-owned businesses as well as cover business loans made to veterans who served on active duty and were discharged or released under conditions other than dishonorable.
