WASHINGTON--Removing arbitrary restrictions to small business lending products is crucial to better support veteran entrepreneurs, stated America’s Credit Unions, which Tuesday urged the House Small Business Committee to support the bipartisan Veterans Member Business Loan Act (H.R. 507) ahead of Wednesday's hearing on empowering veteran entrepreneurs.
“Credit unions want to do more to serve our veterans who so faithfully served our nation and need your help,” wrote ACU Senior Vice President of Advocacy Greg Mesack. “We urge you to support H.R. 507, the Veterans Member Business Loan Act, so our veterans do not face arbitrary restrictions when seeking affordable lending products to establish and grow their own small business.”
Specifically, the bill would exempt loans made to veteran-owned businesses from the arbitrary credit union member business lending cap. The bill would cover business loans made to veterans who served on active duty and were discharged or released under conditions other than dishonorable. Learn more about the legislation.