COLUMBUS, Ohio—The ability for Ohio’s credit unions to offer low-interest loans to small businesses through a partnership with the Treasurer of State has received strong approval from the Ohio House of Representatives.
The Ohio Credit Union League helped to drive passage of House Bill 415, which passed by a 81-12 vote. The bill is now headed to the Ohio Senate, with the league stating it will provide job-creating businesses with needed capital.
“In the face of strong banker opposition, the votes by the committee and full House are proof of the respected and influential standing of the League and Ohio credit unions,” the OCUL stated. “And the legislation's strong bi-partisan support gives the bill great momentum as it heads into the Senate for consideration.”
The legislation would create the "Business-LINK" deposit program allowing Ohio's credit unions to provide lower-interest rate loans to businesses, as well as access the current Ag-LINK program that assists the agribusiness industry.