CUNA’s Tipton / Cardenas Letter – National Small Business Week
WASHINGTON, DC (April 29, 2016) — The Honorable Scott Tipton
House of Representatives
Washington, DC 20515
The Honorable Tony Cardenas
House of Representatives
Washington, DC 20515
Dear Representatives Tipton and Cardenas:
On behalf of the Credit Union National Association (CUNA), I am writing to thank you for your leadership in recognizing National Small Business Week. CUNA represents America’s state and federal credit unions and their more than 100 million members.
Credit unions exist to promote thrift and provide access to credit for their members and communities. Ensuring our small business members have access to the capital they need to meet customer demand and grow their businesses is a priority for credit unions and is central to the mission Congress bestowed upon them. In fact, some of the earliest credit unions were formed to provide loans to members engaging in entrepreneurial enterprises. National Small Business Week is an ideal time to highlight all that America’s credit unions do to support small businesses in their communities: not just for a week–but every day, every week, and for more than 100 years.
Although credit unions operate under an arbitrary cap on the amount of business lending they can provide, credit unions are active in supporting their communities by making small business loans. In fact, during and since the financial crisis, credit unions have been an oasis for small business owners. From June 2007, the onset of the financial crisis, to December 2015, small business loans outstanding at credit unions grew by slightly more than 130 percent. During that same period, bank business lending declined 10 percent.
Access to capital is vital for small businesses. You cannot start a business, purchase inventory, expand or strengthen a business without access to capital. With more than 29 million small businesses in the United States that employ over 50 percent of the country’s private sector workforce, credit unions across the country stand ready to support small businesses with increased access to capital.
Once again, thank you for all of your attention to the critically important needs of small business owners. I look forward to working with you to ensure that all Americans have the resources they need to help them and their families achieve the American dream.
Sincerely,
Jim Nussle
President & CEO
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
