WASHINGTON—The Defense Credit Union Council (DCUC) sent a letter to the Senate Small Business and Entrepreneurship Committee urging members to take action to better support veteran-owned small businesses in rural America.
The letter was sent ahead of the committee's hearing today, titled, "Streamlining and Coordinating Support for Rural Small Businesses.”
The letter calls for the removal of loan caps on credit unions that limit their ability to support veteran entrepreneurs.
DCUC highlighted bipartisan legislation by Senator Mazie Hirono (D-HI) and Senator Dan Sullivan (R-AK) to amend the Federal Credit Union Act, which would exempt veteran and military business loans from the current lending cap.
“This crucial change would enable credit unions to offer more credit to veterans, who are often underserved by traditional lenders,” DCUC said, adding that it believes this step is vital for improving access to capital for veterans, particularly in rural communities.
“We urge the Senate Small Business and Entrepreneurship Committee to support this legislative effort and remove the obstacles preventing veteran entrepreneurs from achieving their business goals,” stated Anthony Hernandez, DCUC president/CEO. “Together, we can strengthen rural economies and provide better financial pathways for those who have served our country.”